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Chrysler LLC has announced plans to slash a quarter of its salaried and contract work force during the next two months in a bid to survive an unprecedented downturn in the auto industry.
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In his welcome address to delegates of Intertech Pira’s 12th annual Met Coke World Summit 2008 in Chicago, event chair Andrew Aloe noted a few things about the meeting area.
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The credit crisis and turbulent markets will likely drive car and light truck sales to their lowest levels in 15 years, according to the PricewaterhouseCoopers (PwC) Automotive Institute.
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Strong drilling activity for oil and natural gas in North America and other global markets helped Baker Hughes Inc., Houston, offset the impact of Gulf Coast hurricanes and post a 10.2-percent increase in net income in the third quarter compared with the same period last year.
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An Oct. 22 story misspelled the name of Jonathan C. Putman, Birmingham Futures’ chairman and chief executive officer. The company also has dropped the word “Exchange” from its corporate name as part of its registration process with the National Futures Association.
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Chrysler LLC plans to close a Delaware plant earlier than originally planned and eliminate a shift at a Toledo, Ohio, facility because of “unprecedented” market turmoil and dwindling consumer demand, the Auburn Hills, Mich.-based automaker said Thursday.
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Standard & Poor’s Ratings Service (S&P) is holding the line on DBO Holdings Inc., maintaining the firm’s B+ corporate credit rating and keeping it on CreditWatch with positive implications
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An Oct. 21 story misspelled the name of Jonathan C. Putman, Birmingham Futures’ chairman and chief executive officer. The company also has dropped the word “Exchange” from its corporate name as part of its registration process with the National Futures Association.
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Allegheny Technologies Inc. (ATI), Pittsburgh, has become a diversified metals company, and as such it is finding itself battling the global financial crisis on a number of fronts, including plans to cut back production in some cases to meet weaker demand.
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Strong drilling activity for oil and natural gas in North America and other global markets helped Baker Hughes Inc., Houston, offset the impact of Gulf Coast hurricanes and post a 10.2-percent increase in net income in the third quarter compared with the same period last year.
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General Motors Corp. is mulling the sale of its ACDelco parts business in a bid to raise cash.
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Boeing Co. and the International Association of Machinists and Aerospace Workers (IAM) union will resume negotiations Oct. 23 in an effort to end IAM’s 45-day strike.
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A former Copper & Brass Sales Inc. executive has been sentenced to 30 months in prison for stealing more than $1.1 million from the Southfield, Mich.-based company.
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A pipe and tube distributor is suing U.S. Steel Corp., Pittsburgh, for allegedly breaching three contracts and is seeking damages of at least $992,000.
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In addition to wanting to be President of the United States, Sen. John McCain (R., Ariz.) and Sen. Barack Obama (D., Ill.) have something else in common.
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In addition to wanting to be President of the United States, Sen. John McCain (R., Ariz.) and Sen. Barack Obama (D., Ill.) have something else in common.
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Due to a reporting error, an Oct. 20 story incorrectly stated that Mark Brandon, general manager of Nucor-Connecticut, forecast domestic wire rod shipments would be down 19.1 percent to nearly 3.8 million tons this year from 4.7 million tons last year. The 2007 comparative figure should have been 3.1 million tons. The 4.7-million-ton figure was the projected apparent domestic consumption for 2008 vs. 4.6 million tons last year.
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Before launching into a presentation about the state of the economy, Stuart Hoffman joked to his audience that after hearing what he had to say they might have to make use of the forecast sickness bags located beneath their chairs.
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Fastenal Co. said many of their customers see healthy business conditions ahead, and executives were shocked when the Institute for Supply Management’s (ISM’s) Manufacturing Purchasing Managers Index (PMI) number for September indicated the U.S. manufacturing sector entered a recession.
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Brazil’s Vale has earmarked $14.2 billion to expand and support its operations in 2009, including $2.9 billion for iron ore, it said late Thursday as it forecast continued long-term strength in the commodities markets.
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The U.S. manufacturing sector is “downshifting from stagnant to declining,” according to Tim Gill, director of economics at the National Electrical Manufacturers Association (NEMA), Rosslyn, Va.
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Lufkin Industries Inc., a Lufkin, Texas-based manufacturer of oilfield equipment and power transmission products, prevented the erosion of its margins during the past two quarters by passing raw material cost increases along to its customers, president and chief executive officer John F. Glick said during a conference call with analysts last week.
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Copper hasn’t dropped below the dollar mark yet, but one plant that manufactures it has. Wolverine Tube Inc. has sold its non-producing Montreal plant for Canadian $1 (84 cents) to Canada’s Mango Copper Industries Inc., according to a recent U.S. Securities and Exchange Commission filing.
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Metals shares rebounded Thursday from steep declines suffered the day before as stock markets continued the wild swings that have become almost commonplace in recent weeks.