Digital to cut up to 6,000 jobsDigital Equipment Corp...

BUSINESS DIGEST

November 28, 1992

Digital to cut up to 6,000 jobs

Digital Equipment Corp. said yesterday that it expects to cut up to 6,000 jobs by the end of the year as part of a previously disclosed plan to shrink its payroll.

Robert B. Palmer, president of the money-losing computer maker, has said that Digital will reduce its work force to fewer than 90,000 employees over the next few years. Digital, based in Maynard, Mass., a suburb of Boston, employed 108,500 people worldwide at the end of its first fiscal quarter in September. The company expects to cut 5,000 to 6,000 jobs this quarter, which ends in December, said Nikki Richardson, a Digital spokeswoman.

Digital, the nation's second-largest computer company, behind International Business Machines, has suffered a string of heavy losses that some analysts do not expect to end until mid-1993.

Commerce to issue steel ruling

The Commerce Department will rule Monday on charges that foreign nations have subsidized their steel exports, which could result in duties as high as 40 percent on the shipments.

In response to complaints by U.S. steelmakers, the department is also to rule Jan. 26 on charges that foreign firms were "dumping" steel at less than fair prices on the U.S. market.

The temporary duties would be made permanent if the U.S. International Trade Commission next summer finds the foreign behavior was injuring U.S. steelmakers. Saying illegal foreign trade practices had contributed to industry losses of $2.2 billion last year, 12 major U.S. steelmakers charged 21 nations June 30 with dumping and subsidizing widely used flat-rolled carbon steel. One nation, Taiwan, has since been dropped from the list.

Ohio Bancorp may be sold

Ohio Bancorp said yesterday that it has been talking to possible suitors, as the price of the banking company's stock surged for the second consecutive session.

Spokesman Frank Sole said the Youngstown, Ohio-based company decided to disclose discussions related to "a possible disposition of the company." Mr. Sole said the disclosure of the talks had nothing to do with loans to the troubled Phar-Mor Inc. drugstore chain.

The price of the company's stock rose to $26 a share Wednesday, from $22.75 on Tuesday, in over-the-counter trading. It continued up yesterday, closing at $30.25 per share, up $4.25. U.S. stock markets were closed for Thanksgiving.

America West cancels meeting

America West Airlines has canceled its annual stockholders' meeting because it would cost too much and accomplish little, officials in Phoenix, Ariz., said.

America West has been operating under Chapter 11 bankruptcy protection since June 1991 but does not yet have a reorganization plan to present to shareholders. General counsel Marty Whalen said the airline hopes to have a plan next year.

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