The rising cost of imports added significantly to the overall figures, as iron ore imports were up 83 percent in value during the quarter, with soybeans up 25 percent, crude oil up 39 percent, and metal-cutting machinery up 72 percent in value.

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There, 30 volunteer firemen tried to contain the blaze that had engulfed the company's main building, which housed the office and all of the cutting and processing machinery.

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With economic crises in Asia and Brazil, the chip cycle's collapse and machinery customers cutting production, Eaton's pretax income dropped 30%.

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