OTHER NEWS - March 31, 1994

Nippon Steel To Cut 7,000 Jobs: Nippon Steel Corp. said it would eliminate the jobs over three years, mainly through attrition, as part of a cost-cutting effort to cope with Japan’s recession. The restructuring plan also will slash the Tokyo-based company’s budget for equipment investment over the next three years to $3.36 billion, down 40% from the allotment for 1991 to 1993. Nippon Steel, Japan’s largest steel maker, expects the plan to save about $2.91 billion, over the 1994 to 1996 period. The company, which also has engineering and chemical operations, employs about 36,000 people.