(GM/Ford fallout) Mittal Steel USA Idling Blast Furnaces

UpInArms

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Thu May-05-05 07:56 PM
Original message

(GM/Ford fallout) Mittal Steel USA Idling Blast Furnaces

http://biz.yahoo.com/prnews/050505/cgth084.html?.v=2

CHICAGO, May 5 /PRNewswire-FirstCall/ -- Mittal Steel USA is taking further steps to match its output with inventory adjustments occurring in the markets that it serves.

The company started cooling C-6 furnace at its Cleveland plant today in preparation for gunning of refractory material to shore up its lining. The work is routine maintenance that had been scheduled for June. Normally, the furnace produces about 1,500 tons of iron daily.

In addition, the company is idling H-3 blast furnace on the west side of the Indiana Harbor plant in East Chicago, Ind. The furnace will return to production when business conditions demand its 2,000-ton-a-day output. No. 6 blast furnace on that plant's east side has been idle since March.

...more...

7:18pm 05/05/05 MITTAL STEEL CUTS BACK AT INDIANA, OHIO PLANTS

7:18pm 05/05/05 MITTAL STEEL IDLES 2,000 TON/DAY BLAST FURNACE IN IN

7:18pm 05/05/05 MITTAL STEEL ADVANCES REPAIRS AT 1,500 TON/DAY OH PLANT

7:18pm 05/05/05 MITTAL STEEL CUTS U.S. OUTPUT TO ALIGN WITH INVENTORY

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democracyindanger

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Thu May-05-05 08:04 PM
Response to Original message

1. How long until Chimp announces a multi-billion dollar bailout?

I didn't even think about GM & Ford's suppliers. Steel, tires, plastics, textiles...

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jfdunphy

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Thu May-05-05 08:22 PM
Response to Reply #1

3. More on GM

Recently, in April 2005, Xinhua News, the Chinese News Agency, reported that GM was moving manufacturing to China, to have the biggest regional car making facility in the world. What we should be looking for, I think, is simultaneous tax-write offs for GM in the US, combined with tax credits and holidays in China for the size of their investment.
GM is putting pressure on the unions for give-backs in the health care area. Similar pressure is not, obviously, being put on executives for give-backs in the health area--other than the usual cut-backs. GM and other manufacturers are also reportedly behind the push to scuttle Social Security.
A consumerist response, then, would be to stop buying things from US based manufacturers, and switch to Japanese, German, French, and Italian products, which favor a more balanced approach to labor-management relations. That would send a message quicker than any election.

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UpInArms

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Thu May-05-05 08:25 PM
Response to Reply #3

4. Welcome to DU jfdunphy!

Glad to have you here!

:hi:

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democracyindanger

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Thu May-05-05 08:26 PM
Response to Reply #3

5. Good post. But the sticky wicket

is that stopping purchase of US-manufactured products will contribute to layoffs of US workers, hurting us all in the end.

Welcome to DU

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Tux

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Thu May-05-05 08:30 PM
Response to Reply #3

6. I agree

Even if a company isn't American, buy from them if they are pro-America unlike some anti-American American companies like GM, Ford, Dell, AOL, and others.

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UpInArms

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Thu May-05-05 08:33 PM
Response to Reply #6

7. Ah, yes, BuyBlue!

http://buyblue.org/

You may have voted blue, but every day you unknowingly help dump millions of dollars into the conservative war chest. By purchasing products and services from companies that donate heavily to conservatives, we have been compromising our own interests as liberals and progressives.

BuyBlue.org is a concerted effort to lift the veil of corporate patronage, so consumers can make informed buying decisions that coincide with their principles.

Currently, we are developing an extensive and interactive website where users will be able to monitor corporate activity in real time. We cannot do this alone; we need an army of Blue buyers to be the eyes and ears of this movement. All we have to do is put our money where our mouth is to make it profitable to be ethical.

Our collective buying power WILL make a difference, and we WILL be heard.

...more...

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whistle

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Thu May-05-05 08:13 PM
Response to Original message

2. And how did the markets react.....

NYSE Volume 1,611,501,593
AS OF 17:05 ET 05 May 2005
US Indexes....... Value.. Change
NYSE COMPOSITE.. 7117.29 7.40 -
NYSE US 100........ 5870.07 17.31 -
NYSE INTL 100..... 4919.13 3.36 +
NYSE WRLD LDRS.. 5523.38 8.11 -
NYSE TMT........... 5011.19 19.06 -
DOW JONES IND... 10340.38 44.26 -
S & P 500........... 1172.63 3.02 -

<link> http://www.nyse.com/

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