Laclede Steel struggles just to survive; net worth slips into negative territory

Article Abstract:

Laclede Steel Co. announced that its net worth had fallen into negative figures and that therefore, there would be no guarantee that the company would survive. In July 1998, Laclede cautioned that it would have an unprofitable 1998. The company also acknowledged that it could not satisfy the requirements for listing on the Nasdaq Stock Market. For the 1998 second-quarter, Laclede posted a net loss of $65.5 million.

Comment:

Net worth falls into negative figures; co states that there is no guarantee that it will survive

Financial assets, Laclede Steel Co.

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Alcoa planning new cost cuts; stock jumps 5%

Article Abstract:

Aluminum Co. of America (Alcoa) announced that it will implement additional cost reductions in an attempt to cut $1.1 billion in expenses by 2001. Alcoa has already been praised for implementing tighter controls over its costs. The company announced that the cost reductions will be distributed to all of its business units. Worker compensation will be connected to Alcoa's ability to reach the cost targets.

Comment:

Announced that it will implement additional cost reductions in an attempt to cut $1.1 billion in expenses by 2001

Financial management, Aluminum, Primary Aluminum Production, Aluminum industry, Aluminum products, Alcoa Inc.

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Geneva Steel Co. files for protection under Chapter 11

Article Abstract:

Analysts aren't surprised that Utah-based Geneva Steel Co. has filed for Chapter 11 protection. The remotely located steel company almost closed in 1986, but revived itself by spending on modernizing its old equipment. Foreign imports and falling prices on top of debt have made it impossible to compete.

Comment:

Utah-based steel company tries not to succumb

Organizational history, Blast Furnace and Basic Steel Products, Finance, Abstract, Steel industry, Geneva Steel Co., GNV

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