Word: steel
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Dates: during 1980-1989
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Botha's performance left most U.S. Senators cold. Three days later, by a vote of 84 to 14, the Senate adopted a strong package of economic sanctions that bans imports of South African textiles, steel, uranium, coal and agricultural products. It also bars new U.S. investment in South Africa, bans new bank loans and ends landing rights for South African Airways. The Senate sanctions stopped short of the bill voted last June by the House, which called for a comprehensive trade embargo and total U.S. disinvestment. But it was a serious setback for the Reagan Administration's policy of avoiding...
...reform bill may dampen economic activity in certain sectors. Some corporate leaders worry about the reform's repeal of the venerable 6% to 10% investment tax credit for companies that buy heavy capital goods. They fear that the repeal could make it more difficult for industries like steel and machine-tool manufacturing to compete with overseas producers. Reform advocates respond that companies will gain other advantages from lower overall corporate rates. Declares Treasury Secretary James Baker: "U.S. corporations will have the lowest tax rate of any of our major trading partners...
...addition to Gandhi and Kaunda, were Prime Ministers Brian Mulroney of Canada, Robert Hawke of Australia, Robert Mugabe of Zimbabwe and Sir Lynden Pindling of the Bahamas. On the second day of the meeting, Thatcher dropped her opposition to a proposed European Community ban on South African coal, steel and iron, and said she would accept "voluntary" restrictions on new British investment and the promotion of South African tourism. For the other six leaders present, this was nowhere near enough. Together they endorsed a set of sanctions proposed at a previous Commonwealth gathering that included a ban on agricultural imports...
Like other steelmakers, USX is struggling to return to profitability in an industry that suffers from overcapacity and tough foreign competition. Since 1982 the eight largest U.S. steel companies have lost a total of $8 billion. Several are now in precarious financial shape. Three weeks ago LTV, the second-ranking manufacturer, sought protection from its creditors with a Chapter 11 bankruptcy petition...
...contracts settled since April, the United Steelworkers has given wage- ) and-benefits concessions to LTV, Inland Steel, National Steel and Bethlehem, the third-largest manufacturer. National Steel's workers accepted a $1.50-an- hour cut, reducing hourly labor costs to $22.72, and LTV cut its costs by $3.60 an hour, to $22.60. USX negotiators have insisted that the firm needs a savings of at least $2 an hour, to about $23, to stay competitive. USX underscored that demand last week when it reported that second-quarter earnings had plummeted by 92%, to $14 million. A major factor was the firm...