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Steel price rollback and widespread layoffs hit industries
U S Steel rolled back a 4.7 percent price increase to 4 percent after White House pressure as industry layoffs exceed 50 000 across aircraft aluminum forest products and manufacturing. McDonnell-Douglas idled 21 000 Southern California workers, Singer closed plants affecting 20 000, and Weyerhaeuser cut 3 400 in several southern plants. Gold prices surged to a record in Europe while the Dow fell 8.84 points to 589.64.
MENTIONED IN THIS ARTICLE
United Press International
U.S. Steel
White House
Europe
New York Stock Exchange
McDonnell-Douglas Corp
Aviation
California
United Auto Workers
International Association of Machinists
McDonnell-Douglas
Weyerhaeuser Co
Tacoma
Alabama
Mississippi
Arkansas
Oklahoma
Singer Co
Ormet Corp
Hannibal
Ohio
Burnside la
U.S. Steel Corp
Bethlehem Steel Corp
Wheeling-Pittsburgh Steel Corp
U.S
Ford