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Steel Industry / Layoffs / Foreign Steel #50434

ABC Evening News for Thursday, Sep 22, 1977
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(DC) Ohio is more worried now with regard to paychecks than utility bills. ARMCO Steel announces layoffs at Middletown plant by October 1; on Monday, youngstown Sheet and Tube announced layoffs at Youngstown plant by 1st of yr. On Friday, bus loads of steelworkers will leave Youngstown area to come to Washington, DC to ask Congress and President to help American steel industry
REPORTER: Frank Reynolds

(Chicago, Illinois) Ex. of reasons for problems in steel industry is evident in Atlanta's building of rapid transit system, financed to great extent by American taxpayer, but steel is imported from Japan, shipped from Tokyo at cost 20% less than nearest American competitor. Atlanta also gets steel rail cars from France; but city isn't unique. Merrill Lynch suggests American steel ind. not economically sound over long run, and that Japanese more efficient. Ind. argues that Japan government subsidizes industry in its cntry., which allows lower cost of Japanese goods in US. [US Steel spokesperson Victor LINDBERG - notes industry doesn't think it's fair, with regard to unemployment problems.] Details with regard to costs in American industry noted; industry spokesperson warn that unless things change, steel may become, like oil, under foreign control. Ind. wants stiffer import quotas and tariffs, but that would mean serious turnaround in DC. Effect of steel imports on American steelworkers cited.
REPORTER: Ron Miller

Reporter(s):
Miller, Ron;
Reynolds, Frank
Duration:
00:02:40

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