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Metaldyne Bites the Bullet


Metaldyne Bites the Bullet

Tuesday, July 8, 2003
 
Responding to market conditions, Metaldyne Corp. has laid off about 600 employees in 2003 and has increased the overseas purchase of steel to offset high domestic prices, according to a report in the Financial Times. The company reportedly had purchased about 90 percent of its steel from domestic sources, but is expected to increase imported-steel buys to 40 percent by the end of next year. Company officials told the Times that importing steel is necessary to offset domestic-steel price increases of as much as 50 percent.

 

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