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Description:
Between the 1920s and 1960s, the city of Youngstown was an important industrial hub that featured the massive furnaces and foundries of Republic Steel and U.S. Steel. But, Youngstown never became economically diversified, as did larger industrial cities like Chicago, or nearby Pittsburgh, Akron, or Cleveland. Consequently, when economic changes forced the closure of plants throughout the 1970s, Youngstown was left with few substantial economic alternatives. The 1969 merger between the Youngstown Sheet and Tube Company and the New Orleans-based Lykes Corporation was a turning point in the demise of the local "Steel Valley" The merger and subsequent takeover of Youngstown Sheet and Tube burdened the community's primary steel producer with hundreds of thousands of dollars in debt, and placed control of the company outside of the Mahoning Valley. The September 19, 1977, announcement of the closure of a large portion of Youngstown Sheet and Tube, an event still remembered by many Youngstowners as "Black Monday", is widely regarded as the death knell of the old area steel industry. This was followed by the withdrawal of U.S. Steel in 1979 and 1980, and the bankruptcy of Republic Steel in the mid-1980s. In the wake of the steel plant shutdowns, the community lost an estimated 40,000 manufacturing jobs, 400 satellite businesses, $414 million in personal income, and from 33 to 75 percent of the school tax revenues.The Youngstown area has yet to fully recover from the loss of jobs in the steel sectorLyrics:
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You must be registered and logged-in to comment. Wow &mdash 05/13/08 - 09:24:12 PM
the percussion &mdash 05/13/08 - 11:33:51 PM
Great subject matter &mdash 05/14/08 - 01:36:26 AM
Len, Thanks &mdash 05/14/08 - 08:52:58 AM
You &mdash 05/14/08 - 05:14:30 PM
Ha. &mdash 05/14/08 - 07:35:51 PM
Heavy Metal &mdash 05/14/08 - 10:21:27 PM
Thanks for the close listen &mdash 05/15/08 - 09:23:44 AM
Such &mdash 05/15/08 - 04:25:02 PM
Background for a doc? &mdash 05/17/08 - 07:33:33 PM
Steely &mdash 05/17/08 - 09:12:25 AM
HITs HOME &mdash 06/01/08 - 03:24:24 PM
Thanks &mdash 06/02/08 - 09:31:22 AM
oops &mdash 06/01/08 - 03:29:11 PM
Understandable &mdash 06/02/08 - 09:36:05 AM
Socialist realism &mdash 06/02/08 - 08:58:07 AM
Demise did have a upside &mdash 06/02/08 - 09:40:05 AM
Industrial Industrial &mdash 07/09/08 - 03:04:27 PM
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