Pittsburgh Reinvents Itself Through Green Economy

The city whose sprawling steel mills and smoky skies once symbolized America's industrial might has gone "green." Pittsburgh's emphasis on green recovery was one reason it was able to land the Group of 20 global economic summit next month. "Pittsburgh was a city that had some real dire necessity there because of the loss of old industrial jobs, and they were forced to reinvent themselves," said Glenn Croston, author of 75 Green Businesses. "We need a future, and this is something that will be around not just for tomorrow, but for many decades." More

Rio Tinto's Spying Cost Steel Industry $102 Million, China Says

Rio Tinto Plc spied on China's steelmakers for six years, costing them $102 billion in excessive charges for iron ore, according to a report published on a Chinese government-run Web site. China, destination for half the $52 billion global seaborne trade in iron ore, has detained four members of Rio's Shanghai team, including Australian Stern Hu, on charges they stole state secrets. More

ArcelorMittal Confirms Strike at Mexico Steel Plant

ArcelorMittal, the world’s largest steelmaker, confirmed that a strike began at its plant in Lazaro Cardenas, Mexico. Workers at the plant in the state of Michoacan were offered a 7 percent wage increase, company spokesman Ricardo Guzman said in an interview. The mining and metalworkers' union is asking for a 9 percent increase. More

Firm Bets on U.S. Market, Will Bring Italian Style

While much of the global auto industry focuses on China, Roland Martin is betting on America. "I believe in the American economy," the Austria-born Martin said. "You can't build a company's future only on Chinese customers." Martin left Italian car designer Stile Bertone and started his own company this year to put his money where his mouth is. More

GM Chief Executive Promises 'a New Era'

General Motors roared out of bankruptcy protection with a new corporate structure, a stronger balance sheet, and a pledge by its short-spoken chief executive to break definitively with past blunders that turned what was once the world's biggest automaker into an industrial invalid. That includes a trial with Internet auction company eBay Inc. in California allowing people to bid on new vehicles and purchase them at a set "buy it now" price. More

Impact of Turbines: Financially, It's 'Enormous'

From his dining room table, Bruce Buchanan can see three giant wind turbines looming above his Indiana corn and soybean fields a couple of thousand feet away. Among the first Indiana residents to experience life near industrial wind turbines, Buchanan has yet to arrive at a final judgment of his 260-foot-tall neighbors, which went operational in March. More

Boeing 787 Dreamliner Schedule Still a Dream

The economic slowdown may mean that some companies waiting on Boeing's next-generation, long-range composite fuel miser, the 787, are happy to continue waiting -- but with the aircraft already two years behind schedule the company's late-stage wing redesign is adding complications. More

Bidder for Eclipse Assets Makes Play

Eclipse Aerospace, Inc, a firm founded by Eclipse 500 owners Mason Holland and Mike Press, has filed a $40-million "stalking horse bid" for the assets of insolvent Eclipse Aviation Corporation. The proposed asset purchase agreement offers $20 million in cash and $20 million in new notes as a starting bid in an August 2009 asset auction, according to documents filed in the U.S. Bankruptcy Court for the District of Delaware. More

Banks, Autos Slide in Europe

European trading started the week on a muted note, wiping out gains made Friday after non-farm payrolls data for the U.S. in July rekindled recovery hopes for the world's biggest economy. Banks and automakers were especially feeling the heat. More