Rating services downgraded 3 major steel firms.
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Standard & Poor’s and Moody’s Investors Service lowered ratings for senior and subordinated debt at LTV, Armco and Bethlehem Steel, leaving them at either marginal or below investment grade. “Prospects are poor, reflecting declining long-term demand and depressed prices for steel, worldwide overcapacity and high labor costs,” S&P; said in explaining the actions.
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