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General Motors Corp., Detroit, could run out of cash as soon as February without government assistance, according to an analyst report Monday.
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Congressional leaders are urging the Bush administration to back immediate financial aid for the nation’s auto industry by tapping into the Treasury Department’s $700-billion emergency financial rescue program.
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Congressional leaders are urging the Bush administration to back immediate financial aid for the nation’s auto industry by tapping into the Treasury Department’s $700-billion emergency financial rescue program.
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The economy lost another 240,000 non-farm payroll jobs in October, and the unemployment rate rose to 6.5 percent from 6.1 percent, the U.S. Bureau of Labor Statistics reported Friday.
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Metals sales by merchant wholesalers were estimated to exceed $15.8 billion in September, down 1.6 percent from August’s figure of $16.1 billion but up 20.6 percent from the $13.1 billion recorded in September 2007, according to the U.S. Census Bureau’s Monthly Wholesale Trade Survey, released Friday.
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The red ink continued to pour from U.S. automakers General Motors Corp. and Ford Motor Co. in the third quarter thanks to a rapidly deteriorating U.S. auto sector, slowing global markets and a looming worldwide financial crisis.
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The “Great Mentioner” is working overtime these days trying to forecast who will be holding the key posts in the new Obama administration come January.
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Cliffs Natural Resources Inc. has warned union officials and local government that lower output could force it to cut jobs at some of its mines.
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In what could be a boost for steel and aluminum, the U.S. Navy will move ahead with plans to build five more Littoral combat ships next year and in 2010, sources said.
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Dana Holding Corp., one of the country’s largest auto parts makers, will close 10 more plants over the next two years and lay off 2,000 more workers than originally planned, following heavy losses in the third quarter.
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The economy lost another 240,000 non-farm payroll jobs in October, and the unemployment rate rose to 6.5 percent from 6.1 percent, the U.S. Bureau of Labor Statistics reported Friday.
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President-elect Barack Obama may support an additional $25 billion of “bridge” financing to the nation’s automakers on top of the $25 billion already cleared, sources said.
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A worker at Alton Steel Inc. fell from a roof to his death Wednesday, police and sources at the steel bar producer and the Occupational Safety and Health Administration (OSHA) confirmed.
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In what could be a boost for steel and aluminum, the U.S. Navy will move ahead with plans to build five more Littoral combat ships next year and in 2010, sources said.
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Privately held Citation Corp. has tapped Louis Lavorata to serve as senior vice president and chief financial officer.
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Analysts doubt that Cliffs Natural Resources Inc. is reworking its cash-and-stock acquisition offer for coal miner Alpha Natural Resources Inc. after postponing a shareholder vote on the proposed merger to Dec. 19 from Nov. 21.
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The auto parts industry has joined the rest of the auto sector in formally requesting that the Bush administration quickly establish a loan guarantee program as part of its $700-billion financial rescue package.
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The auto parts industry has joined the rest of the auto sector in formally requesting that the Bush administration quickly establish a loan guarantee program as part of its $700-billion financial rescue package.
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Employers announced plans to slash 112,884 workers from their payrolls in October, the highest monthly level in almost five years, in another sign of the weakening labor market.
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Diesel fuel costs and the economy are the top two critical issues for the trucking industry, according to an annual survey by the American Transportation Research Institute, Arlington, Va.
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Market forces and market-driven behavior are more important than ever, given the current economic crisis, representatives of six North American steel industry trade groups agreed at a meeting last week in Mexico.
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Cessna Aircraft Co. has begun construction on a new design and assembly plant for its Citation Columbus business jet, which will have an all-aluminum airframe.
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Stock markets may have staged an election day rally, but economic indicators continue to paint a gloomy picture.
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Stock markets may have staged an election day rally, but economic indicators continue to paint a gloomy picture.