The present article endeavours to place the economic results of 1978 in the framework of the crisis that has characterized the Walloon region since two decades. The increasing vulnerability of the W alloon industrial texture does not only proceed from the intrinsic aspects of the present international crisis, but also from the fact that the Wallon regional economy is strongly dependent of the semi-manufacturing industrial sectors that made the prosperity of industrial capitalism of the end of the 19th century, but that are in decline since about two decades. Thus, the reorganization of the european steel sector, decided in 1978, has a direct effect upon economie performance in this region. In this respect, the article examines the evolution of industrial production, employment, closing-down of enterprises, as well as the investment policies of both public authorities and foreign companies duringthe year 1978.