OCR Text |
Show 2monday, 1978 If California manages to drop into the Pacific, it wont be due to the San Andreas fault, claimed a U.S. Steel vice president on a recent visit to Salt Lake. The castas-trophhe jested, will be the result of weighty foreign steel e, perched at western ports buyers. Foreign dumping, which accounted for 38 percent of all steel sales in the West last year (and 19 percent national ly) is stunting growth and in- hibiting profits for domestic steel companies. The industry, said western operations vice president Dale Armstrong, is in far greater danger of collapse than the California coastline. Foreign sales in the U.S. arc second only to U.S. Steel sales, Armstrong said. And though I make no plea for federal subsidies, 1 think dumping thwarts free enter prise by condoning actions by foreign governments to export their unemployment by subsizing steel production in Japan and parts of Europe. while their government actu- between $3.1 and ally spent $32 billion to keep its workers employed and the steel rolling off the production line. Price wars between domestic and foreign steel makers have plunged the entire industry into depression, he said, and cut deeply into pro- Losing at the rate of $80 per ton of steel shipped to the U.S. last year. Britian, Armstrong said, racked up $1 billion in losses. The Japanese fitability. Unless stronger regulations and better admini- plants, he continued, reported profits of one to two percent over the past three years stration are added to. Carter's current pricing trigger scheme, Armstrong predicted the steel doldrums will live on. Meanwhile, he explained, U.S. Steel will try to break and were not even even being very successful at - that." One-thir- d of plant shut Armstrong was in town last week to familiarize him- Continued on page twelve he swee ook of success Successful men have a look all their own. At Anderson we know how to create that look. Exacting. Tasteful. Call us with your size and coloring and well select Hill several wardrobes for you to choose from. Ready to review when you come to the store. At your leisure. ANDERSON HILL 487-132- 7 Sugarhouse |