The U.S. International Trade Commission started an investigation into the competitiveness of the nation's piano industry Friday after rising piano exports from Asia struck a discordant note at Loveland-based Baldwin Piano & Organ Co.
The House Ways and Means Committee had requested the review at the urging of committee member Rob Portman, an Ohio Republican who represents the district where Baldwin is based.
"There has been a very significant year-over-year export of pianos to the U.S. from Asian manufacturers," Baldwin President Karen Hendricks said.
Baldwin asked for Mr. Portman's help because it wants to know what's causing the influx of Asian pianos and whether there is anything unfair about it, Ms. Hendricks said. The committee asked the ITC to submit the report by May 12.
Piano exports from China, Japan, Indonesia and South Korea to the United States reached 62,480 in the first nine months of this year, according to the Commerce Department. That puts the flow on track to beat the 66,699 pianos tallied for all of 1997 and the 49,747 in 1996.
Federated to keep staggered direcvor terms
The board of Federated Department Stores on Friday said it has decided not to change the staggered terms of its directors, as proposed by shareholders in its May annual meeting.
Shareholders had asked Federated to instate an annual election of all directors instead of electing directors to staggered terms. After examining the proposal for six months, the board said keeping the current system is in the best interest of the company and its shareholders.
Companies generally like the staggered terms because it makes for seamless transitions each year. Federated elects its 12 directors to serve three-year terms, each year voting to elect or reinstate four.
The proposal had been submitted by stockholder Evelyn Y. Davis.
AK Steel completes Mexican agreement
AK Steel Corp. and Mexican steel producer Hylsamex S.A. C.V. have completed agreements announced in October that will allow the two flat-rolled steel producers to supply each other with steel products.
Steel exports are now "inconsequential" for AK Steel, which last year shipped about 4.7 million tons. But Alan McCoy, AK Steel vice president, said that over time, the agreements should lead to an increase in exports to Mexico, Central America and South America. He said the agreement would also allow AK Steel to supply its automotive and appliance customers who are setting up operations in Mexico.
Kroger's Pichler gets Horatio Alger Award
Kroger Chief Executive Joseph Pichler was named one of 11 Horatio Alger Award winners Friday, an honor that recognizes him as a role model for youth.
The annual award is presented to men and women who have overcome significant personal adversity through hard work, determination, integrity and dedication to helping others. The nonprofit Horatio Alger Association is an educational association committed to providing role models for American youth and assisting young people with scholarships, mentoring and grants.
The 10 men and one woman were chosen among hundreds of nominations nationally and will be awarded at ceremonies in April.
