Word: steeles
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...train the Saudi National Guard, a pair of cars were on a deadly mission. The first, a Ford Crown Victoria sedan filled with terrorists armed with Kalashnikov assault rifles, sped up to the compound's security checkpoint. The men mowed down the guards and removed a 3-ft.-high steel barrier...
...more work--including skilled and white-collar tasks--to cheaper labor markets. They will embrace pay-for-performance schemes, which generally reward only the top-ranked workers at each wage level. And they will shift more of the costs and risks of illness and retirement to workers, especially in steel and other heavy industries...
...from about $50,000 down to about $33,000. "I feel like a marathon runner who sees the finish line but when he gets close, his coach holds up a sign that says he has 25 more miles to go," says Costello, 61, who works for Wheeling Pittsburgh Steel in Mingo Junction, Ohio. "I'm going to have to work until I die." Costello chose to work in steel mills rather than the coal mines where his father toiled because he believed steel jobs were more secure. Now he is scrapping plans to build a long-planned retirement house...
Costello is the human face of a dramatically changed industry. With about 30 steel firms operating under bankruptcy protection, the steelworkers' union has willingly taken part in a vast restructuring of pay and benefits spearheaded by New York City investor Wilbur Ross. His International Steel Group (ISG) recently completed its third major acquisition in two years, buying most of the assets of bankrupt Bethlehem Steel. Ross warns of more wage pressure ahead: "If we don't reform our labor system very soon, we won't have a manufacturing sector to worry about." He is taking aim at work rules that...
Make no mistake: the reform of which Ross speaks means employees will be working harder for fewer benefits. Bethlehem Steel, along with Acme Steel and LTV before it, off-loaded a total of $8 billion in pension obligations to the federal Pension Benefit Guaranty Corporation before Ross acquired it. He then wiped out health-care benefits that had been promised to retirees. For current workers, he installed co-pays and coverage limits where there were none before and replaced the union's defined-benefit pension plan with a less secure defined-contribution plan...