Word: steels
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Dates: during 1970-1979
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...free on their own recognizance, five are still at large), kept up an emotional tirade against the judge, the jury and their own defense counsel. But when Judge Barbaro read the verdict, as more than 800 carabinieri and other police ringed the courthouse, the defendants were absent from the steel-barred cage in which they had been kept during the proceedings. They had all elected to remain in their cells as a protest against what they called a "court of the regime...
...Steel jobs saved, but obsolescence continues...
...Justice Department was in no mood to be bluffed, even by troubled steelmakers, and talks dragged on and on in a months-long game of high-stakes political poker. Ever since last November, steel conglomerates LTV Corp. and Lykes Corp. have argued fiercely that the only alternative to their planned merger was Lykes' bankruptcy and the layoff of thousands of steelworkers. But antitrust officials objected that even the marriage of two money losers. LTV's Jones & Laughlin and Lykes' Youngstown Sheet and Tube, would reduce steel competition. In the end, it came down to a very close...
...processor, is keeping quiet about its postmerger plans, at least until after shareholders of both companies vote in late August or early September to approve the linkup. All LTV has said is that it will not close Youngstown's Indiana Harbor mill, near Chicago, which could feed raw steel to Jones & Laughlin's Hennepin, Ill., processing plant and give the enlarged combine a fully integrated facility in the Middle West. While the two companies are complementary in some ways, they also have redundancies. LTV has promised that the merger savings will lead to profits, and with that...
Even with extensive streamlining, two weak companies will find it difficult to equal one strong firm, and Bell's decision could prove to be shortsighted. It simply delays yet again long-overdue industry rationalization and perpetuates the old problem of obsolete, high-cost steel plants that require special help to compete internationally...