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* Aiming to ensure adequate domestic steel supplies and easing trade tensions, the Commerce Department exempted almost 136,000 metric tons of foreign steel from the tariffs that President Bush imposed in March. Trade officials said the exemptions covered about 1% of the 13 million metric tons of imports affected by the tariffs.
* Sprint Corp.’s credit rating was cut to the lowest investment grade by Moody’s Investors Service, which said the third-biggest U.S. long-distance company may have trouble generating enough cash to pay its debts.
* McKesson Corp. said it reached an agreement valued at $500 million to manage pharmacy operations for Universal Health Services Inc. hospitals.
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