|
Term
|
Definition
|
| L.C.L. |
"Less than car load."
|
| L.F.V.C. (Loaded to full visible capacity) |
A freight tariff term, meaning that the conveyance has been loaded to the top and could contain no more of a given commodity. |
| L.I.F.O. (Last-in, first-out) |
An accounting term, which establishes the "price" for inventory purposes. |
| Ladle |
A refractory-lined pot used to transfer molten steel. |
| Ladle Metallurgy Furnace (LMF) |
An intermediate steel processing unit that further refines the chemistry and temperature of molten steel while it is still in the ladle. The ladle metallurgy step comes after the steel is melted and refined in the electric arc or basic oxygen furnace, but before the steel is sent to the continuous caster. |
| LD Furnace |
Refers to Linz-Donowitz, a type of basic oxygen furnace. Another name for BOF.
|
| Legacy Costs |
Any costs that are associated with prior operations. Employee liabilities (pensions and health care benefits) and environmental cleanup costs usually are included under this moniker. |
| Letter of Credit |
A financial instrument, which guarantees payment by a bank in the event payment is not forthcoming from the creditor in a prescribed fashion. |
| Liability |
The ultimate responsibility for payment of a bill, usually a freight bill or bill for services. A party may be "liable" for charges even if another party makes the payment in their behalf for matters of commerce. |
| Light Weight |
Generally, the weight of a vehicle, without the weight of its contents. |
