Word: steels
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Dates: during 1970-1979
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Last year, coal stored in railroad cars and silos froze into lumps that were too big to use. Never again, vow the people at Chessie System, the nation's largest coal hauler. Chessie has built three "galloping Gerties": huge steel vibrating fingers that loosen coal in one car every three minutes. Other railroads now have similar contraptions. To reduce the possible impact of a threatened United Mine Workers strike, industries and utilities increased their coal inventories during the autumn months...
Under a relentless assault from cut-rate foreign competitors, the nation's steel industry has suffered through a nightmarish year. Steel imports have increased about 50% just since 1975 and in some months this year have captured 20% of the U.S. market. Combined with lackluster domestic demand, that foreign invasion has caused shutdowns of old mills, forcing more than 60,000 workers out of jobs in the past year. Steel executives, union men and a new caucus of Congressmen from steel-producing areas have brought heavy pressure on the Carter Administration to do something. The President's first...
Last week the Administration seemed ready to try a new tack and push for a six-point program of aid to the domestic industry. Treasury Under Secretary Anthony Solomon briefed industry executives and members of the congressional steel caucus on the plan that he will present to the President this week, and the main outlines-though not all the details -promptly leaked...
...centerpiece of the program is a proposal to establish so-called reference prices-in effect, minimum permitted prices-on 40 to 60 main categories of imported steel. Any metal entering the U.S. at quotes below the reference prices would be subjected to heavy antidumping tariffs. Most likely, the prices would be pegged to Japanese steel-production costs -and so the reference-price system might permit some continued dumping by European mills, whose costs are higher than those of the Japanese makers. Solomon pledged to have the reference prices set by year's end and to begin enforcement...
Tabor Hill was founded in 1968 in Buchanan, Mich., by Leonard Olson, then a 26-year-old steel salesman. "When we started with our vinifera, the local farmers said we were full of prunes, that it wouldn't work." Yet a 1971 Tabor Hill Vidal blanc was served in the White House by Michigander Gerald R. Ford. Though Olson and his partners are still struggling financially, they have visions of a mini-Napa Valley on the shores of Lake Michigan...