Archive for November 14th, 2008
Insurers pull cover from GM and Ford suppliers
Troubled US carmakers General Motors and Ford Motor have been given a potentially devastating vote of no confidence by three big European credit insurers, which have removed cover from their suppliers.
The withdrawal of credit insurance – which covered suppliers against the risk of the car companies’ failing – has previously hastened the demise of a [...]
Posted: November 14th, 2008 under Manufacturing News, Steel.
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US Steel Layoffs
U.S. Steel is the latest steel maker to announce production cuts. They said yesterday they was laying off 675 union workers in the United States and Canada because of lower demand for steel amid the economic downturn. The layoffs, effective immediately, include 500 employees in the United States and 175 in Canada, said John [...]
Posted: November 14th, 2008 under Steel, Steel International, Steel News.
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