Word: youngstowners
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...Inadequate investment by companies in new plants and modern machinery, partly because of low profits and relatively high business taxes that feed funds to consumers rather than investors. Additional funds are swallowed up by Government-mandated projects. U.S. Steel Corp., which in Youngstown, Ohio, is still using some equipment made 70 years ago, estimates that 30% of its capital investment over the next few years will be spent on pollution-control equipment...
...ground in Los Angeles, Martin Kazy Jr., 32, a flight instructor with 5,000 hours of experience, got into a yellow-striped Cessna 172 owned by Gibbs Flite Center at Montgomery Field, eleven miles northeast of Lindbergh Field. Kazy, who had moved to California last year from Youngstown, Ohio, had just obtained a new job flying charter aircraft throughout the West and had asked his fiancéee, Jennifer Lefler, 25, also a flyer, to travel with him as copilot. One of his last scheduled assignments as an instructor was last week's flight. With him was Marine Sergeant...
EPEA's latest project was a feasibility study on the re-opening, under community and worker control, of the shut-down Youngstown, Ohio, steel mill. Alperovitz's analysis of the much-ballyhoed "steel crisis" last year shows that corporate greed was the core of the problem, the catalyst for throwing Youngstown out of work. Youngstown Sheet and Tube, locally-owned and highly-profitable in the '60s, was 1969's Ripe Takeover of the Year. Lykes Steamship Company, based in New Orleans and one-seventh the size of Youngstown, borrowed the buy-out capital from Wall Street and elsewhere, using Youngstown...
Alperovitz's scenario in the feasibility study removes corporate clutches altogether. With federal loan guarantees similar to New York City's and with several million dollars of federal seed money, the Youngstown workers and community could buy, re-open, and gradually modernize the plant. The government's other choice is to pay the estimated $75 million in unemployment and increased welfare benefits over the next three years in Youngstown alone. Alperovitz puts it this way: A corporation would never be satisfied with a 3 per cent return because it could make 8 or 10 per cent elsewhere. But owners from...
...which also is a major aerospace manufacturer and food 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...