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Business Business

Posted on Thu, Aug. 14, 2003 story:PUB_DESC
3 more lawsuits filed against FirstEnergy

Three more class-action lawsuits have been filed against FirstEnergy Corp. after the Akron utility announced last week it will restate earnings going back to 2002.

Two law firms in Pennsylvania, Schiffrin & Barroway and Brodsky & Smith, and one in New York, Cauley Geller, which specialize in class-action lawsuits, filed the suits Tuesday and Wednesday in U.S. District Court for the Northern District of Ohio. The suits allege FirstEnergy executives violated federal securities laws by artificially inflating the value of FirstEnergy securities, the firms said.

Another firm filed a similar suit Friday

UAW to represent Dana Corp. workers

Auto parts maker Dana Corp. said Wednesday that the United Auto Workers will begin representing workers at its U.S. plants that make parts for DaimlerChrysler AG, Ford Motor Co. and General Motors Co.

The Toledo-based company and the union would not say how many workers or plants will be included in the collective bargaining.

Limited Too posts loss, lowers forecast

Girls retailer Limited Too on Wednesday reported a $3.8 million loss in the second quarter and lowered its earnings estimate for the third quarter because of weak sales for the early back-to-school shopping season.

Limited Too shares closed down $1.46 to $14.40 on the New York Stock Exchange.

The company reported a loss of 11 cents a share for the quarter that ended Aug. 2 compared with a profit of $5.5 million, or 16 cents a share, a year ago.

USS swaps business segment with ISG

U.S. Steel Corp. on Wednesday said it will trade its steel plate business for Cleveland-based International Steel Group Inc.'s chemical treatment line at Indiana Harbor Works, East Chicago, Ind.

The swap, which includes U.S. Steel's plate mill at Gary Works, Gary, Ind., will allow Pittsburgh-based U.S. Steel to focus on its sheet products, the company said.

Plate products account for about 3 percent of U.S. Steel's domestic steel shipments.

GE cutting Warren and Austintown jobs

Hurt by slow orders and high inventory, General Electric Co. will eliminate 78 jobs at its Warren lamp plant and 14 at its Austintown filament plant on Sept. 2, company and union officials said.

International Union of Electrical Workers-Communication Workers of America Local 722 represents the 405 hourly workers at the Warren plant. The Austintown layoffs will reduce the plant's work force to 98.

Pioneer-Standard proposes new name

Pioneer-Standard Electronics Inc., a leading provider of enterprise computer solutions, said Wednesday it wants to change the company name to Agilysys Inc. (pronounced ``A-jil-e-sis'').

``The proposed new name will more clearly differentiate our organization within the industry, as well as in the eyes of our customers, suppliers and investors,'' said Arthur Rhein, chairman, president and chief executive officer.

The proposal must be approved by shareholders; results of voting will be announced Sept. 12.

Federated earnings fall 50% for quarter

Federated Department Stores said Wednesday that earnings fell by more than half in the second quarter compared with a year ago, when it reported a big gain from the sale of part of its catalog and online operations.

The Cincinnati-based operator of such chains as Macy's and Bloomingdale's reported a profit of $120 million, or 64 cents a share, for the quarter that ended Aug. 2, compared with profits of $282 million, or $1.39 per share, a year ago.

Southwest leads all carriers during May

Low-fare king Southwest Airlines carried more domestic passengers than any other carrier during May, as passengers continued to flock to discount airlines and major carriers cut back flights.

It was the first time a discount airline topped the ranking for U.S. passengers, according to the U.S. Department of Transportation, which released the traffic report Tuesday.

Southwest carried 6.5 million domestic passengers during May, beating Delta Air Lines, which carried 6.3 million passengers, and American Airlines, which had 6.2 million passengers.

Marconi will lay off 230 at Lorain plant

The telecommunications equipment manufacturing division of Marconi Communications will cease operations and lay off about 230 people at its Lorain plant over the next 18 months.

After the layoffs are completed, Marconi will employ slightly more than 300 people in Lorain, a company spokesman said Tuesday.

C. Paul Stocker started the business as Lorain Products Corp. and sold it to Reliance Electric of Cleveland for $37.5 million in 1973.

Stocker patented the frequency changer, which converted a commercial frequency to one used for ringing telephone bells.

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