The impact of LTV Corp’s 2nd bankruptcy was maybe 10 times the number given from all 48 affected subsidiaries. In addition, 45,000 lost their pensions and health insurance, myself included. No government bailouts back then. This type of industry is for whatever reason labeled today as a “rustbelt” industry. Those old enough to remember the 60’s & 70’s may recall the more affectionate term of “smokestack industry.”
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