Steel Not Healthy, Despite Settlement
The steel industry has been hit by massive layoffs and plant closings across the country that bode ill for the nationÛªs economic recovery.</br></br>Pai't of the distress stems from general shutdowns in anticipation of the strike that was averted Sunday night when the nine largest producers granted the United Steelworkers of America a 30 per cent pay increase over three years.</br></br>But even after most of these plants get back into operation as many as one third of the industryÛªs roughly half million payroll employees may remain on furlough, according to one industry source. And some of the plants will stay closed indefinitely, he said.</br></br>Another steel executive estimated that the industryÛªs order books are only 45 per cent of normal for this time of year. This figure drops to 25 per cent for one of the nationÛªs biggest steelmaking facilities.</br></br>At BehlehemÛªs sprawling Sparrow Point plant in Balti-' moreÛÓsecond largest in the worldÛÓonly a third of the normal work force is on the job. And most of these are maintenance and service personnel.