Vor 97 Jahren gegründet, die Grosse Depression überstanden, lange Zeit (wenn ich nicht täusche) Mitglied im Dow Jones Index - und jetzt?
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Seit Anfang 1989 hat die Aktie 95 % (!) verloren (heute minus 16,6 %).
Dazu eine Meldung:
"Sunday August 26 07:11 AM EDT
Bethlehem Steel faces its most difficult challenge
By CHRISTIAN BERG, Of The Morning Call
Few companies in American industrial history have displayed more resilience than Bethlehem Steel Corp. (BS - news)
In the 97 years since Charles M. Schwab founded the company, Bethlehem Steel has endured the Great Depression, violent labor strikes, massive layoffs, financial losses and restructuring efforts.
But today, Bethlehem Steel faces what some observers say is its stiffest challenge yet.
The company hasn't enjoyed a profitable year since 1998. It has more liabilities than assets. Its cash is shrinking. Its debt is mounting. Its credit rating is in"junk" status."
Hier der Artikel.
Auszüge:
~ Bethlehem company trying to secure cash to avoid bankruptcy
~ In addition, the U.S. steel industry is in shambles. Eighteen U.S. steelmakers have filed for bankruptcy in the past four years. And there is concern that Bethlehem Steel may join them.
~ Perhaps the most telling sign of Bethlehem Steel's crisis came last month, when the company revealed that its net worth -- assets minus liabilities -- dropped below zero.
~"I started working for the company in 1964, and we've been through some pretty dark periods," Davis said."I have never seen anything more ominous."
~ Bethlehem Steel's net worth now stands at minus $153.8 million. It fell below zero because the company was forced to write off $1 billion in deferred tax assets it had hoped would reduce taxes on future earnings.
~ The company last reported a profit in 1998. Total losses since then are $1.6 billion -- including $1.27 billion this year.
~ Bethlehem Steel's struggles are shared by other U.S. steel companies. They are reeling from prices that are lower than those seen in a generation. Steel that sold for $350 a ton two years ago recently sold for $235 a ton -- a 33 percent drop.
~ Bethlehem Steel's total debt has ballooned 70 percent, from $546.7 million in 1996 to $930.8 million as of June 30.
~ The problem is magnified because the company's financial situation has pushed its credit ratings down to"junk" status. That means the company has to pay higher interest rates on its debt than many other companies.
~ Shares closed Friday at $1.77, down 58 percent since June. Bethlehem Steel stock has lost 89 percent of its value since topping $16 a share in April 1998.
~"The question is, how long is this economic downturn going to last? If it is prolonged, this company is going to have a really difficult time."
So kanns gehen....
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