Word: steels
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Dates: during 1980-1989
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...weeks after it collided with a West German ferry, the French container ship Mont Louis still lay on its side last week in 45 ft. of water, eleven miles from the Belgian coast. Gale-force winds and 15-ft. swells had broken it in two, raising fears that 30 steel containers filled with uranium hexafluoride, raw material from which nuclear fuel is made, might be swept out of the ship's holds into the sea. Then the bad weather broke, salvage operations resumed, and by midweek the first of the containers, originally destined for the Soviet Union, was winched...
...hurt the industrial states of the Rust Bowl. Despite attempts to diversify into new industries, Michigan, Ohio, Indiana and Missouri are still heavily dependent on the auto industry. Michigan factory towns like Pontiac and Flint, now enduring unemployment rates of 18.8% and 12.4%, respectively, could suffer an economic earthquake. Steel, rubber and glass producers could lose their biggest customer. GM, for example, buys about 10% of all the steel produced in the U.S. Sales in stores and restaurants are likely to slip when striking workers stay home, and tax revenues will slide...
...main task was to bring labor peace to the strike-plagued firm and its 7,000 workers. Mulroney succeeded admirably, raising widows' pensions and distributing worker bonuses when the company broke the $100 million mark in earnings. Faced with the U.S. auto recession and declining demand for steel, Mulroney in 1982 shut down a company mine at Schefferville in northeastern Quebec. The closing put 285 miners out of work and turned Schefferville into a ghost town of boarded-up stores and FOR SALE signs...
Reagan this month will decide one major issue dividing the two countries: whether to include Canada in any new limits on foreign steel imports, which are hurting the U.S. steel industry. Canada, whose steel shipments to the U.S. totaled nearly 2.4 million tons last year, has asked to be exempted from the quotas. They could cost the country up to 3,000 jobs, and the Ottawa government contends that Canadians buy more steel-related products from the U.S., notably automobiles, than they sell...
...foreign copper entering the U.S. In turning down a recommendation by the International Trade Commission to grant protection, critics charged, Reagan was trying to sustain a free-trade image in the election campaign by ruling against a small, shrinking industry. Politically less safe will be his decision on steel-import quotas, due by Sept. 24, which 240,000 unionized steelworkers are anxiously awaiting...