Steel Turnaround Relies on Taxpayer-Funded Aid
“Labor Pact, Not Tariffs, Key to Steel’s Strength†(James Flanigan, Nov. 16) implies, from the headline down, that Wilbur Ross is to be credited for the current health of the industry (or at least of International Steel Group Inc.).
However, one of the essential ingredients, if not the essential ingredient, if one reads down a ways, seems to be the sloughing off of $4.2 billion in pension liabilities to the federal government -- you and me.
Granted, Mr. Ross’ efficiencies will no doubt help keep the steel industry from falling into disrepair again soon. But a timely shot in the arm on such a large scale really needs to be called a bailout, don’t you think?
I propose that a headline (or at least a second headline) reading, “Taxpayers Provide Juicy Alternative to Tariffs for Big Steel,†would have been more informative.
Jim Houghton
Encino
*
What kind of babble is this? A money guy takes a government handout (new tariffs on steel), fires lots of employees, dumps a huge chunk of retirement benefits promised to workers onto the taxpayers, puts some eleventh-hour spin on another hunk of benefits owed to others and declares: Presto! We’re profitable.
Privatize profits, socialize losses. Come on, Flanigan, you can do better than this.
Tom Lynx
Los Olivos
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