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By Ross Hetrick and Ross Hetrick,Staff Writer | December 1, 1992
Bethlehem Steel Corp. and other American steel companies received an early Christmas present yesterday as the U.S. Commerce Department slapped higher duties, ranging from 0.71 percent to 90.09 percent, on steel imports from 12 countriesThe ruling is expected to depress steel imports and to boost the prices of steel plate and sheet products, which are made at Bethlehem's Sparrows Point mill in Baltimore County.The amount of the conditional duties on various steel plate and sheet products varied depending on the company, country and the type of steel produced.
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BUSINESS
By JAY HANCOCK | October 27, 2004
HAVING BEEN "all in" for several hands of no-limit Steel Restructuring Poker, Wilbur L. Ross Jr. is taking many of his chips to the cashier's window. On a truck. His stunning deal to sell International Steel Group and its Sparrows Point mill to a company led by billionaire Lakshmi Mittal will produce about $2 billion cash for him and his co-investors, reducing their stake in the business by at least half. Perhaps we shouldn't be surprised. Vulture investors like him, who acquire assets out of bankruptcy proceedings, rarely buy and hold.
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BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | May 25, 2001
With a flood of foreign steel threatening to sweep away the U.S. steel industry, congressional lawmakers yesterday introduced legislation that they say would better protect American farmers and companies from the harm wrought by surging - and sometimes illegally priced - imports. Congressional leaders say the legislation wasn't composed with only American steelmakers in mind, but the proposed reforms come at a troubled juncture for the nation's steel industry: Eighteen domestic producers have sought bankruptcy protection since the end of 1997, according to one study, and several have failed.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | July 3, 2002
It has been a little more than three months since President Bush slapped tariffs on much of the foreign steel sold in the United States, and since then domestic spot prices have soared while imports have fallen. But the correlation between the two is not as strong as one might think, say domestic producers and analysts. Spot-market prices for hot-rolled sheet, the industry benchmark and the main product of Bethlehem Steel Corp.'s Sparrows Point plant, were at $340 a ton last month, up 42 percent from year-ago levels.
NEWS
By Jeff Leeds and Jeff Leeds,Contributing Writer | June 23, 1993
WASHINGTON -- The Commerce Department, capping a yearlong inquiry, proposed punitive import duties yesterday on companies from 19 countries for "dumping" steel on the U.S. market at unfairly low prices.The department also found that 12 countries -- 11 of which were also found to be dumping -- had subsidized the price of these steel products, helping hold down prices.Angering European and Asian steelmakers, the finding was hailed by U.S. manufacturers. The duties would take effect later this year if the U.S. International Trade Commission also finds the imports threaten U.S. steelmakers.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | July 3, 2002
It has been a little more than three months since President Bush slapped tariffs on much of the foreign steel sold in the United States, and since then domestic spot prices have soared while imports have fallen. But the correlation between the two is not as strong as one might think, say domestic producers and analysts. Spot-market prices for hot-rolled sheet, the industry benchmark and the main product of Bethlehem Steel Corp.'s Sparrows Point plant, were at $340 a ton last month, up 42 percent from year-ago levels.
NEWS
By Robert Little and Robert Little,SUN STAFF | October 16, 2001
Bethlehem Steel Corp., a grandfather of American industry whose vast Sparrows Point mill once placed Baltimore among the world's top steel-makers and shipbuilders, filed for bankruptcy protection yesterday. With $400 million in losses so far this year, the nation's third-largest steel manufacturer said it will cut jobs, renegotiate labor contracts and take "all possible steps" to reduce its expenses. The company will continue making steel as it reorganizes, and Chairman Robert S. Miller Jr. said the Sparrows Point plant will remain "a centerpiece" of its operations.
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | October 30, 1998
For Ron Fritze of Perry Hall, the issue of illegally dumped foreign steel is hitting home -- literally.Fritze, a refrigeration technician and member of the United Steelworkers union at Bethlehem Steel Co.'s Sparrows Point Division, has seen all the media stories, union handouts and company reports on the impact that foreign steel, allegedly being sold at below-market prices, is having on the U.S. steel market. But a rally yesterday really heightened his awareness."If they start flooding the market and start driving prices down, it could have a real effect" on wages and maybe even U.S. jobs, he said.
BUSINESS
By Ross Hetrick and Ross Hetrick,Staff Writer | June 30, 1992
Three months after losing their import quota protection, the nation's six biggest steel companies are scheduled today to file the largest collection of unfair-trade cases against foreign steel producers.The heads of the steel companies and the United Steelworkers union, which represents their workers, plan a news conference at the U.S. Capitol to announce trade cases involving sheet steel, galvanized sheet and steel plate, said Henry H. Von Spreckelsen, a spokesman for Bethlehem Steel Corp.
BUSINESS
By New York Times News Service | July 2, 1992
WASHINGTON -- In a confirmation of U.S. competitiveness in at least one sector of the economy, the nation's capital created an export in a single day that could reduce the trade deficit by $100 million or more over the next 12 months.It consists of legal and lobbying services to be contracted by the 21 foreign countries and 47 foreign steel companies that must defend themselves against the trade complaints filed here Tuesday by struggling U.S. steel producers.To avoid punitive customs duties of up to 165 percent on shipments to the United States, each company and each country has hired or plans to hire at least one Washington law firm.
NEWS
March 17, 2002
New tariffs on steel help a vital industry remain competitive I strongly disagree with a number of points in The Sun's editorial on steel tariffs ("Caught `steeling,'" March 7). First, there is strong factual evidence that the domestic steel industry has been harmed by unfair foreign trade. The International Trade Commission's determination on this point was unanimous. These time-limited tariffs are an appropriate remedy that is consistent with U.S. and international trade law. Second, there is no "maybe" about the importance of a healthy domestic steel industry.
NEWS
By Kristine Henry and Kristine Henry,SUN STAFF | March 6, 2002
President Bush imposed three-year tariffs of up to 30 percent on imported steel yesterday to give the beleaguered domestic industry time to consolidate and get on its feet, a move that drew praise from steelmakers, lukewarm support from steel workers, and vitriol from exporting nations and domestic steel users. But even as Bush attempted to give the industry relief against a flood of imports, he declined to support a government bailout of the multibillion-dollar tab for retiree health care costs and pensions.
BUSINESS
January 20, 2002
Bethlehem Steel Corp Bethlehem Steel Corp. filed for Chapter 11 protection in October and will spend much of its energy this year trying to reorganize its way out of bankruptcy. To that end, its new chief executive, Robert S. "Steve" Miller Jr., will continue his push to have the federal government take over the health care costs of the steel maker's retirees, which is now a $3 billion unfunded obligation. A success in Washington -- which is by no means assured -- would pave the way for an acquisition of Bethlehem by Pittsburgh-based U.S. Steel, which says it wants to make the purchase but has no intention of doing so if it must bear the costs of retiree health care.
NEWS
By Robert Little and Robert Little,SUN STAFF | October 16, 2001
Bethlehem Steel Corp., a grandfather of American industry whose vast Sparrows Point mill once placed Baltimore among the world's top steel-makers and shipbuilders, filed for bankruptcy protection yesterday. With $400 million in losses so far this year, the nation's third-largest steel manufacturer said it will cut jobs, renegotiate labor contracts and take "all possible steps" to reduce its expenses. The company will continue making steel as it reorganizes, and Chairman Robert S. Miller Jr. said the Sparrows Point plant will remain "a centerpiece" of its operations.
NEWS
By David L. Greene and David L. Greene,SUN NATIONAL STAFF | August 27, 2001
WEST MIFFLIN, Pa. - Making another stop on what he calls his tour of the "heartland," President Bush dropped in yesterday on a steelworkers picnic outside Pittsburgh, where he dined on hot dogs and beans and told a crowd of several hundred how much he enjoys getting out of Washington. "There is a lot of common sense outside the nation's capital," the president said. Bush added: "Congress is on vacation. And the country's never been run better." But if Bush professes a certain distaste for official Washington, he is working quite hard to extend his stay there for four more years.
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | May 25, 2001
With a flood of foreign steel threatening to sweep away the U.S. steel industry, congressional lawmakers yesterday introduced legislation that they say would better protect American farmers and companies from the harm wrought by surging - and sometimes illegally priced - imports. Congressional leaders say the legislation wasn't composed with only American steelmakers in mind, but the proposed reforms come at a troubled juncture for the nation's steel industry: Eighteen domestic producers have sought bankruptcy protection since the end of 1997, according to one study, and several have failed.
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | January 24, 1999
Though Big Steel has waged an aggressive fight over the imported steel it says stands at the core of its current woes, the situation is much more complex than it appears on its face. And the steel spat could easily end up in this country as a referendum on free trade, industry analysts and other economics experts say."Is there a problem in the steel industry right now? Certainly," said steel analyst Charles A. Bradford, head of Bradford Research in New York City. "Is foreign steel a part of it?
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | January 28, 1999
Bethlehem Steel Corp. yesterday reported a larger-than-forecast loss -- on lower sales -- for the final quarter of 1998, and said yet again that "dumped" foreign steel was the chief culprit for its woes.The Bethlehem, Pa.-based steelmaker said it lost $23.2 million, or 26 cents per fully diluted share, in the quarter that ended Dec. 30, compared with net income of $41.7 million, or 27 cents per fully diluted share, in the corresponding period of 1997.Bethlehem had been expected to lose 18 cents per share for the quarter, according to the mean estimate of 12 analysts surveyed by Zacks Investment Research.
BUSINESS
By Robert Little and Robert Little,SUN STAFF | February 3, 2000
Bethlehem Steel Corp. will cut more than 500 nonunion jobs from its nationwide work force this year, as the steelmaker struggles to recover from deflated prices and five straight money-losing quarters. About 100 workers will be cut from among the 650 salaried engineers, foremen and supervisors at Bethlehem Steel's Sparrows Point Division in Baltimore, company officials said. The rest of the cuts will come from other Bethlehem locations. The company's salaried, nonunion work force includes about 4,500 people throughout the country.
BUSINESS
By Jay Hancock and Jay Hancock,SUN NATIONAL STAFF | November 30, 1999
WASHINGTON -- American steelmakers, who often complain that foreign-government subsidies give an unfair advantage to steel companies in South Korea, Japan and elsewhere, receive similar assistance themselves in billions in state and federal aid, an industry group said yesterday.U.S. plants such as Bethlehem Steel's Sparrows Point mill in Baltimore County get substantial federal tax breaks and state economic development assistance, said the American Institute for International Steel, a Washington-based trade association of importers and other distributors.
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