Word: steels
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Dates: during 1970-1979
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...bright picture. Unlike the U.S., the industrial nations of Europe never really recovered from the 1974-75 recession, in part because they avoided rapid-growth policies for fear of aggravating inflation. A consequence, as well as a continuing cause, of the sluggishness is the decline of three basic industries?steel, textiles and shipbuilding?that provide 4.3 million European jobs. Many companies in these ailing sectors have grown too unwieldy and inefficient to compete in a changing world. To survive, they must shrink, evolve and innovate. Says West German Economics Minister Count Otto Lambsdorff: "There is no reason for losing...
...wrenching industrial changes are stirring worker protest. Last week, their jobs in jeopardy, West German steelworkers were threatening to strike to back up their demands for shorter hours. Meanwhile, the Belgian government took over a large part of that country's steel industry. In September, French steelworkers called a one-day strike against a government plan to rescue their industry from bankruptcy by, among other means, eliminating up to 30,000 jobs over the next five years. Textile workers in France's Vosges region earlier staged an angry march through factory towns to protest the downfall of the once mighty...
Antipollution laws push domestic steel prices up by $8 a ton and put U.S. steelmakers at a big competitive disadvantage...
...back. The Lead Industries Association estimates that 45 lead plants, which account for some 80% of total U.S. lead smelting and refining capacity, will be unable to meet the EPA'S strict new air standards. Environmental and safety regulations have forced dozens of foundries and a few older steel plants to close. The Employee Retirement Income Security Act (ERISA) demanded such strict reporting and actuarial record-keeping that thousands of smaller firms dropped their private pension plans for employees rather than try to comply...
What then do the Saudis buy? They are known to gobble up U.S. Treasury securities, and have bought the bonds of such corporate giants as AT&T, General Motors and U.S. Steel. SAMA also puts deposits into 23 blue-chip American banks and some top foreign banks, though it limits these deposits so that they never exceed the bank's capital (in Citibank's case, the formula works out to about $2.8 billion). Overall, the Saudis told Blumenthal's delegation last year, their investments have an average maturity of only seven years, and bankers figure they...