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WASHINGTON -- A proposal to scrap castoff Russian warships at the United States' Philadelphia Naval Shipyard could lose $16 million in its first year while creating only 134 jobs, a study shows.
The highly touted project could still be viable, but not without huge subsidies from the federal government or cutting a deal with Russia to provide ships at no cost. The report estimated that annual costs would run to $40 million but the ships-to-scrap work would generate only $24 million in revenue.
Scrap Plan Scuttled?
12 July 1994
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