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LTV Blames Illegal Imports
For Bankruptcy, Job Cuts
6Steelmaker and metal fabricator LTV Corp. filed for Chapter 11 bankruptcy protection. The move could threaten some 18,000 jobs. LTV blamed the slowing U.S. economy and the inability of the federal government to enforce trade laws.The firm said foreign rivals are flooding the U.S. with low-cost steel. It claims such imports have taken 40% of its business. LTV is trying to get financing to stay
open.
Utilities Want Rate Boost
To Fix Calif. Power Crisis
7Pacific Gas & Electric and Southern California Edison say they may run out of money next month without a 30% rate increase. Frozen prices have saddled the two with some $10.4 billion in losses. They're paying more for power than they're permitted to charge. That's hurt their credit ratings as well. PG&E said its shaky credit might mean it won't be able to buy enough natural gas to meet demand in February.