Word: steels
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Dates: during 2000-2009
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...older brother cut their hands and mix their blood. It's a familiar childhood ritual, sweetened by naive redundancy: How much closer than siblings can you be? The bond between this sister and brother turns out to be a love story--pure, but as painful as the touch of steel to skin...
...cities are the centerpiece of Saudi Arabia's plans to diversify its economy from oil and gas and to boost its manufacturing sector, especially in energy-intensive industries like aluminum and steel. KAEC, for instance, will have a $5 billion smelter built by the United Arab Emirates firm Dubal, one of the world's largest aluminum manufacturers. Another Emirates firm, Emaar, is the city's main developer; there's scarcely any government investment or involvement in the construction. Other companies that have signed up to invest include France's Total, Sweden's Ericsson and U.S. firm Capri Capital, which...
...time. As the oil price began rising during the past few years, governments and big oil companies plowed billions into exploring and developing new fields in Russia, Angola, Mexico, Brazil and Saudi Arabia - projects whose costs have more than doubled in the past few years, in part because soaring steel prices drove up drilling equipment costs and oil-rig rentals. Just as global demand has begun to slow, millions more barrels of oil a day from new fields have hit the world market...
UPMC, not U.S. Steel, is the biggest employer in the area, with 50,000 workers. It's an exporter in its own right: UPMC runs hospitals in Ireland, Italy and Qatar. It exports knowledge, not metal. UPMC's operating revenue has been growing at 12% annually for the past five years, generating cash-flow earnings in excess of $500 million annually and enabling UPMC to reinvest a like amount. "We believed, even before this dramatic recession, that UPMC could not continue to support its growth living off Medicare and insurance revenues," he says...
...Alcoa, have announced cutbacks as demand slows. "No area is totally immune, but it is going to be, if we are right, a bit more modest in Pittsburgh," says Stuart Hoffman, PNC's chief economist. From ground level, Bob Intrieri can see the same thing. A partner at Allegheny Steel Products, he sells industrial innards to the machine shops and factories in the region: forgings, hubs, steel bars, wire belts used in furnaces--the stuff the global economy runs on. "I call on power-generation shops, and those guys are busy as hell," he says...