OTHER NEWS - March 10, 1993

Steel Cutbacks in Japan: NKK Corp., one of the world’s five largest steelmakers, has announced a cost-cutting business plan that includes slashing its payroll by 3,200 jobs, cutting capital investment and diversifying into new areas of business. Saying that “we must be bold in facing the 21st Century,” NKK President Shunkichi Miyoshi said the plan for the three years beginning April 1 was critical to the company’s future. Miyoshi said the company will trim 15% of its total work force by the end of 1995, bringing the number of employees down to 19,000. The majority of the cuts will be in the company’s manufacturing divisions, he said.