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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Dec 19, 1983
Page
4
An Industry Week analysis by Donald B. Thompson foresees a shrinking U S steel sector over six years with capacity cuts up to 50 million tons and 100000 jobs lost. Four or fewer major producers remain, others sell steel as a commodity amid rationalization and cost cutting.
Wall Street falters despite strong economy as deficits loom. Dow falls to 1,242.17, NYSE index slips to 93.86, and AMEX down 2.52. Analysts cite rising deficits, possible rate hikes, and cautious Fed policy as reasons for weak market reaction amid a buoyant holiday mood.
Phoenix AP report on Greyhound Lines Inc. ballots as about 13,000 union members were mailed ballots for a new tentative contract with a 7.8 percent wage cut and 4 percent pension contribution. Counting by hand at a suburban motel could take hours, with results due by day’s end.
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