Bethlehem workers OK pactWorkers at Bethlehem Steel Corp...

BUSINESS DIGEST

August 31, 1993

Bethlehem workers OK pact

Workers at Bethlehem Steel Corp. have overwhelmingly approved a six-year contract that includes a 50-cent-an-hour wage increase in 1995, signing bonuses of $2,000 spread out this year and next, and an increased say in running the beleaguered company, the United Steelworkers of America said yesterday.

Workers at Sparrows Point, Burns Harbor, Ind., and Lackawanna, N.Y., approved the contract by a vote of 7,257 to 917. The new contract, which expires July 31, 1999, covers 4,798 workers at Sparrows Point in Baltimore County.

Limited plans remodelings, closings

The Limited Inc. said it will remodel or close about 360 Limited and Lerner New York stores by the end of 1995 as part of a restructuring.

The specialty retailer also said it's buying back about $500 million of its 362.9 million outstanding shares. The company plans to use about $200 million of the proceeds from the sale of a majority stake in its Brylane catalog business for the store remodelings and closings. The company, with 4,481 stores, also operates the chains Express, Victoria's Secret, Structure, Limited Too, Abercrombie & Fitch and Bath & Body Works.

GPA expects rescue by GE

The GPA Group PLC expects to complete a deal within a few days under which it will be rescued from its financial difficulties by a subsidiary of the General Electric Co., aviation industry executives said yesterday.

Under the deal, GE is buying $1.35 billion worth of aircraft from GPA, and will have an option to purchase control of GPA.

HUD cites 13 mortgage lenders

Thirteen mortgage lenders across the nation were cited yesterday for a variety of violations and will reimburse the government $1.2 million. The Department of Housing and Urban Development said the actions included overinsured mortgages, failure to comply with Home Mortgage Disclosure Act requirements, improper loan practices and receiving improper payments.

American Mortgages Inc. of Bethesda -- the only Maryland lender cited -- must change practices that do not conform to Federal Housing Administration regulations. The lender faces no fines.

Partnership buys building

A Montgomery County-based partnership has bought a 60,000-square-foot office building at 300 Cathedral St. in Baltimore.

300 Cathedral L.P., which bought the building last month for just more than $700,000, plans to renovate it in hopes of leasing the 25 percent of the building that is vacant to nonprofit organizations. The building's two best-known tenants are the Baltimore City Housing Authority, which leases 25,000 square feet, and Advocates for Children and Youth.

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