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Two American steelmakers posted sharply lower third-quarter results Tuesday, as demand for the metal used in manufacturing and construction remained muted amid the global economic downturn.
Boeing Co. said Tuesday it will record a $1 billion charge because of a delay in producing a new version of the 747 freighter jet, blaming slow sales and late design changes.
Heavy equipment maker Caterpillar said Tuesday its cost cuts and strategic planning had positioned the company for long-term profitability whether the global economy improves or remains mired in recession.
In an unofficial opening to the earnings season, Alcoa Inc. reported another quarterly loss but beat Wall Street expectations and said some markets for the metal may be stabilizing.
Boeing Co. may offer a tanker version of its 777 jet in a new bid to win a $35 billion military contract to replace the Air Force's aging fleet of aerial refueling planes, a company spokesman said Wednesday.
Despite weaker demand from key auto industry customers, AK Steel Holding Co. still expects second-quarter operating losses to shrink compared with first-quarter results, the steel maker's chief executive said Thursday.
Despite an ongoing global credit crunch, Boeing Co. should not have to finance more airplane purchases for customers this year as other funding is available on the market, the company's chief financial officer said Thursday.
Boeing Co. on Thursday reported a sharp drop in orders for its passenger and cargo jets in April, as the troubled global economy continued to hurt demand from airlines and cargo services.
Boeing Co., the world's second-largest plane maker, said Wednesday its first-quarter profit dropped by half, hurt by production cuts as airlines postpone deliveries of new planes. It also forecast lower earnings for the year and reduced aircraft prices.
Heavy equipment maker Caterpillar Inc. reported its first quarterly loss in 17 years on Tuesday, hurt by plunging sales and the cost of laying off thousands of workers. It also said the Obama administration should have allocated more money for roads, bridges and other public works under its stimulus plans.
AK Steel Holding Corp., a supplier of steel for cars and trucks, on Tuesday reported a first-quarter loss compared with a year-earlier profit, as the recession continued to dampen demand for the metal.
What do a helicopter, a boxcar full of aluminum and your dishwasher have in common?
For the first time in more than a quarter century, Alcoa Inc. is slashing its quarterly dividend as part of a plan to lower costs and bulk up its cash cushion amid the recession.
United States Steel Corp., the largest U.S.-based steel maker, said Tuesday it is temporarily idling some operations in Canada due to difficult market conditions, affecting about 1,500 workers.
As the recession deepens, a sharp falloff in sales has left many American companies with growing stockpiles of products and materials, from cars to computer equipment to steel.
Highways repaved for the first time in decades. Century-old waterlines dug up and replaced with new pipes. Aging bridges, stressed under the weight of today's SUVs, reinforced with fresh steel and concrete.
Textron Inc. announced 2,000 new job cuts after posting a fiscal fourth-quarter loss Thursday, as the maker of Cessna jets, Bell helicopters and E-Z-GO golf carts forecast continuing gloom in 2009.
Two steel makers are forecasting a grim first quarter as the recession slows demand for everything from washing machines to SUVs, suggesting that more plant shutdowns and job cuts could be on the way.
United States Steel Corp.'s fourth-quarter earnings soared as strong pipe sales and an acquisition-related gain boosted results, but the steel maker forecast an operating loss in the current quarter due to the global economic slowdown.
Hurt by a late-year strike and shrinking airline demand, Boeing Co.'s passenger jet deliveries fell 15 percent in 2008, ensuring that archrival Airbus retained its rank as the world's top plane maker.
Boeing Co. has further delayed the initial test flight and delivery of its highly anticipated 787 jetliner, citing the impact of a recent strike and production problems.
Caterpillar Inc. has started cutting ties with some contract workers as the world's largest maker of construction and mining equipment tries to lower costs amid the global economic slowdown.
Just weeks after posting record profits, steel makers are facing a harsh new reality: dwindling orders, production cuts, layoffs. And tougher times lay ahead, analysts say.
Boeing Co. delivered just five jetliners in October amid a strike by union workers that forced the aerospace firm to close its commercial aircraft factories temporarily.
Boeing Co. said Tuesday the first test flight of its long-delayed 787 jetliner has been postponed until next year due to an eight-week strike by union workers.
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