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Article: The end of Europe's Iron Ages. (steel industry) (Editorial)
- Article from:
- The Economist (US)
- Article date:
- March 6, 1993
CopyrightCOPYRIGHT 1993 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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West European steelmen should no longer be a protected species
HISTORY has a nasty habit of repeating itself in Western Europe's steel industry. After running into trouble in the early 1980s, steel makers were rescued by a special "crisis regime" enshrined in the 1951 treaty which created the European Coal and Steel Community (ECSC). Now, after a brief period of profit, big steel has more big problems. Yet again there are too many mills in Europe churning out too much steel. Yet again prices are plunging, losses are piling up and steel companies are clamouring for subsidies and other kinds of support. And yet again the European Community's proposed solution to the ...