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Hot Off the Press
U.S. Dept. of Commerce Investigating
Excessive Copper-Scrap Exports
Wednesday, May 05, 2004
The U.S. Department of Commerce has begun to formally investigate alleged excessive copper- and copper-alloy scrap exports to China, and their impact on shortages and price increases in the U.S. market. The investigation results from an April 7, 2004, petition filed by the Copper and Brass Fabricators Council and the Non-Ferrous Founders’ Society. Written-comment deadlines and a hearing occur during May and June; the Secretary of Commerce has until July 22 to determine of export monitoring or controls are in order.
Steel Buyers Report Inventory Levels Improving
Tuesday, May 04, 2004
The Steel Buyers Forum of the Institute for Supply Management (ISM) has issued its first survey of the second quarter of 2004, which shows that more steel buyers have pushed inventories from “too low” to “about right.” Buyers were surveyed at the beginning of April for their inventory, delivery, demand and general market impressions. While 38 percent still indicate that inventories are too low for current demand, 58 percent believe they have the correct inventory level. ISM notes a trend change—inventories appear to be correcting up to meet current demand levels.
View the complete survey results at www.ismsbf.org/survey.html
Delphi, Visteon to Send More Work
to UAW-Represented Plants
Monday, May 03, 2004
As part of the new seven-year supplemental agreements announced last week between auto-parts producers Delphi Corp. and Visteon Corp. with the United Auto Workers (UAW), both firms pledged to send more work to UAW-represented plants. They also agreed to not close any of their plants until 2011, without the permission of the UAW
According to an AP report on the new agreements, the UAW agreed to a new second-tier wage for new hires at the two firms. In Delphi’s case, new hires will be paid $14/hr. and pay scales, in three wage groupings, will rise to as much as $18.50/hr. over the life of the agreement. This compared to an average wage of $24/hr. for current UAW workers at Delphi and Visteon.
In addition to agreeing to allocate more work to UAW-represented facilities, Delphi and Visteon also agreed to make capital investments in their UAW-represented plants to improve product quality and competitiveness.