Business Services Industry
Reading, Pa., Company Retrenches, Innovates to Ride Out Slump in Steel.
Knight Ridder/Tribune Business News, April, 1999 by Ahles, Andrea
Knight Ridder/Tribune Business News
Apr. 26 -- When Carpenter Technology Corp. executives put together a five-year forecast for the company a few years ago, they expected the steel business would slump in 2000 or 2001.
But the bust part of the steel industry's usual boom-and-bust cycle came earlier than Carpenter had planned as foreign countries exported record amounts of steel to the United States and aerospace companies announced cutbacks in airplane orders.
"As we got into September and October, the [General Motors] strike was over and the expectation was things were going to come back to a more normal level, but they didn't," said Carpenter chairman, president and chief executive Robert W. Cardy.
Now, the Reading steel company --...
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