Steelworkers reject Ispat offerThe United Steelworkers of...

BUSINESS DIGEST

March 30, 1993

Steelworkers reject Ispat offer

The United Steelworkers of America yesterday again rejected a contract proposal from the Indian-owned Ispat Mexicana S.A. de C.V. that would have covered workers at Bethlehem Steel Corp.'s closed rod mill at Sparrows Point.

Donald E. Kellner, president of Steelworkers Local 2609, said the five-year contract would have eliminated seniority standings and allowed work to be done by outside contractors.

B&D takes note of Canadian sales

In a nod to the importance of the Canadian market, Black & Decker Corp. appointed Gary T. DiCamillo to the new position of president of the North American Power Tools division.

Mr. DiCamillo, 42, who had been president of U.S. Power Tools, will be responsible for U.S. and Canadian power tools, accessories and electric outdoor products operations.

Marriott plan faces new obstacles

Marriott Corp has encountered new obstacles to its controversial restructuring plan.

Florida's state pension fund, the second-largest in the country, filed suit late last week seeking to block the latest version of the plan, which had won the approval of holders of $400 million in Marriott bonds. Another bondholder opposed to the restructuring, PMM America, said yesterday that it may expand its suit against Marriott to add unspecified new claims.

Times Mirror to sell 4 TV stations

Times Mirror Co. said yesterday that it has reached two agreements to sell a total of four television stations to an affiliate of Argyle Communications Partners LP for $335 million in cash and securities.

If the agreements are completed and certain tax benefits apply, the media company expects to recognize a gain of about $235 million. Among Times Mirror's publications are the Los Angeles Times, Newsday, The Sun and The Evening Sun.

United to buy London route

United Airlines said today it has agreed to buy USAir's Philadelphia-London route for $14.5 million, pending government approval to change it to a Chicago-London route.

Such a change would give United a direct link between its hubs at Chicago's O'Hare International Airport and London's Heathrow Airport.

The route currently is between Philadelphia and London's Gatwick Airport.

Hughes to move jobs to Arizona

In the latest blow to California's ailing economy, Hughes Missile Systems Co. said yesterday that it would move its engineering and product-line management, including 2,000 jobs, from several sites in Southern California to its headquarters in Tucson, Ariz., by the end of next year.

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