Word: steels
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Dates: during 1980-1989
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...major economies are showing unmistakable signs of stress and strain. The drop in oil prices in the U.S. has stunned energy-producing regions and hurt a wide range of industries, from real estate to banking. Last week alone brought several seismic shocks: the bankruptcy filing by LTV, a major steel producer; the failure of First National Bank of Oklahoma City, a large oil-patch bank; and the $640 million loss reported by BankAmerica, which is saddled with numerous bad energy loans (see ECONOMY & BUSINESS). The dislocations caused by plunging oil prices have become a drag on the entire U.S. economy...
...private sector a virtual arm of the government. They thus became used to the state's telling the private sector what to produce, and this continued after the war. When the fighting stopped, most of Europe lay in ruins, and the government began directing postwar reconstruction. The British steel industry and Renault, France's largest automaker, were among the ventures nationalized...
...Pacific Rim countries are also selling off state enterprises. Singapore sold a minority interest in its national carrier, Singapore Airlines, last November, and Taiwan is considering offering stock in state steel, chemical, shipbuilding and construction operations. "The time has come for privatization," says Y.Y. Wang, vice chairman of Taiwan's Commission on National Corporations. In Japan, the government is selling majority control of Nippon Telegraph & Telephone in order to open the telecommunications market to newcomers. Japanese National Railways is next in line...
Banks and Big Steel. It takes a lot of turmoil to shake these once sturdy pillars of U.S. business. But in the past few years, plenty of trouble has come along to torment some of the most rock-solid names in each of those industries. Economic upheavals ranging from the oil-price slump to the glut of imported steel have forced giant banking and steel corporations to make dramatic adjustments to survive. Unfortunately, not all of them are going to make it. That became painfully clear last week, when the strains of economic change finally caught up with several companies...
...conglomerate in the 1960s, has been in an agonizing decline since 1981, the last year it made a profit. Now desperately short of cash after losing more than $1.5 billion, the company chose bankruptcy because it saw no prospect for a fast turnaround in the U.S. steel industry's epic slump. The company will operate in Chapter 11 for an estimated 1 1/2 to four years, shielded from creditors to whom it owes more than $4 billion, while it tries to overhaul its steel operations. Declared Chairman Raymond Hay: "We are fully confident that we will emerge from Chapter...