Word: alcoa
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Dates: during 1960-1969
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...notable absentee was Paul Mellon, 61, only son of Uncle Andy, who is the single biggest shareholder in the Mellon enterprises - principally Alcoa, Carborundum Co., Koppers Co. and Gulf Oil. His duties as president of the National Gallery and director of the Bollingen Foundation (grants to scholars in the humanities) and the Old Dominion Foundation (education, the arts, mental health and conservation) seemed more imperative than any family reunion...
Serious & Difficult. In the aftermath of the aluminum settlement, that industry's leaders, Alcoa, Reynolds and Kaiser, promptly raised prices by 4% on primary ingots as well as a number of fabricated products. A hefty settlement in the current negotiations, similarly, is almost sure to result in steel price increases, which will make it even more difficult for U.S. steelmakers to compete against foreign companies. The union contends that the best way to combat the problem is by imposing quotas on steel imports, but that solution, obviously favored by the companies as well, runs afoul of the Administration...
...Alcoa President John D. Harper figures that peace would cost his company only 5% of its present tonnage of sales, a loss that would be quickly overcome by such resurgent civilian business as construction and commercial aircraft Oil and steelmen are equally unworried. Says Gulf Oil Chairman E D Brockett: "We could get back to doing a lot of things we should be doing...
...Reynolds Metals reported a 12% earnings rise to $13.5 million, and Alcoa profits were up $3.5 million, to $30.7 million...
Investments & Showcases. One of Alcoa's sidelines is real estate, and the company has gone into it on a large scale. It is the developer and principal owner of a number of high-rise urban projects, including Los Angeles' Century City, Pittsburgh's Allegheny Center and Manhattan's United Nations Plaza and Lincoln Towers. It is no accident that such projects often feature aluminum-and-glass buildings, thus double as showcases for Alcoa's favorite metal...