Catherwood LibraryILR School

Long out-priced by foreign producers and non-union mini-mills that recycle scrap steel into a narrow range of products, the big steel industry in the U.S. is looking to rise from the ashes of its idled blast furnaces through tariffs, consolidations, layoffs, and the cancellation of workers' pension plans. With the creation of partial tariffs on certain steel imports last year (see WIT for June 6, 2001), and the continuing stream of bankruptcy filings in the industry, the remaining big steel corporations are looking to coalesce into a smaller number of larger, supposedly more efficient companies, while defaulting on their pension plan obligations and letting workers and the public foot the bill. After decades of dangerous work, many steelworkers may now find themselves in the same position as retirees of LTV Corp. who watched as the International Steel Group bought out their bankrupt employer and defaulted on its pension obligations---eliminating their health insurance and leaving a semi-public pension insurer to pay only a third of their pensions (see WIT's for Jan. 31, 2003, and March 5, 2002).