Troubled Times
Attributing the drop to higher material costs, the company entered into another troubled year. In 1983, the company reported the end of the fiscal year (March 31) would reveal Nippon Steel was in an even more beleaguered situation. A fall in demand brought about a 39 percent tumble in profits from an already weak previous year. During this time the entire Japanese steel industry struggled in a period of turmoil as other nations such as South Korea, with only a fraction of labor costs, won over business. The company announced a loss in 1986, prompting a determined effort to diversify away from the moribund "smokestack" industrial sector and to provide new work for thousands of employees that would be transferred from closing furnaces.
Read more about this topic: Nippon Steel
Famous quotes containing the words troubled times, troubled and/or times:
“Just as poor families have dutiful children, so too there are loyal ministers in troubled times.”
—Chinese proverb.
“O troubled forms, O early love unfortunate and hard,
Time has estranged you into a jewel cold and pure;”
—Edna St. Vincent Millay (1892–1950)
“When great nations fear to expand, shrink from expansion, it is because their greatness is coming to an end. Are we, still in the prime of our lusty youth, still at the beginning of our glorious manhood, to sit down among the outworn people, to take our place with the weak and the craven? A thousand times no!”
—Theodore Roosevelt (1858–1919)