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Essay / Research Paper Abstract
This 3-page paper focuses on legacy costs and how they are impacting the U.S. steel industry. Issues include why the steel industry has been in such trouble over these costs.
Page Count:
4 pages (~225 words per page)
File: D0_MTlegste.rtf
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Unformatted sample text from the term paper:
things. First, they have backed tariffs on foreign steel and have supported the governments efforts to cut down on steel dumping in the United States. And second, they
have asked the government to help pay for legacy costs. If a student wishes to write a paper about legacy costs as they concern the industry, the student must
first explain the issue of legacy costs and explain why it is so important to the steel industry. The reason why such
costs are very important to the industry is because the industry has had a very long record and tradition of supporting workers, even workers that have retired and are no
longer on active duty. Retired workers that once were employed by the steel industry have received excellent retirement benefits -- benefits that had to be slashed as the steel
industry was beset by difficult economic times as well as the dumping of imported steel on U.S. markets. But it is also been these legacy costs that have helped
weigh down many companies within the steel industry (Matthews, 2003). Fewer steel workers are now having to support more retirees -- according to statistics, the industrys 500,000 retirees and dependents
represent approximately $12 billion in legacy costs, which include health-care payments, pensions, insurance and other benefits (Matthews, 2003). As of now, private insurance companies are stepping in to try to
takeover pension obligations (Matthews, 2003). But the steel companies believe that the government should also lend a hand in this endeavor. Bethlehem
Steel Corp., which had to declare bankruptcy, especially had called on help in the form of federal aid to help the industry fund retiree pension and health-care costs (Anonymous, 2002).
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