Word: alcoa
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...showed their smallest gain ($311 million) in almost two years, as rising retail sales eased economists' worry over the "inventory overhang." Says President Robert Williams of Youngstown Sheet & Tube: "Customer stocks of steel have come down pretty well. We have seen the bottom of our operating curve." Says Alcoa President John Harper: "We feel the economy will gather strength. We expect the aluminum industry to grow faster than the economy...
...constant strains during Romney's life have been his firm Mormon convictions and his knack for selling. As a Mormon missionary in Britain for two years, as an aluminum salesman in Los Angeles, as an Alcoa lobbyist in Washington during the New Deal, as chief spokesman for the Automobile Manufacturers Association during World War II, he was an intense, determined seller...
...Alcoa shrugged off the Administration's price-hike rollback of October 1965, came through 1966 with sales up 18%, profits up an astonishing 40%, to $106 million. Alcoa, the world's largest aluminum producer, last month led the industry to a modest price increase, which President John D. Harper insists is necessary to give the ebullient industry one thing it lacks: "a more adequate return on invested capital...
...lead in raising prices on tubular products by averages of 2.5% to 3%. At the same time, the price of molybdenum, an alloy agent used in strengthening steel, was raised 3.7% by two leading producers. In view of all the activity, the aluminum increases - ½?10 a Ib. by Alcoa, Alcan, Reynolds, Kaiser Aluminum and Olin Mathieson-seemed almost anticlimactic...
Last week Alcoa won final government approval of a proposal to spend $56 million building a new aluminum plant. Also last week United Brazilian Minerals, which is 49% owned by Cleveland's Hanna Mining, was granted the right to mine and export iron ore and eventually to manufacture steel, an ambitious $600 million enterprise. The two new projects were only the latest in a spate of similar announcements. Phil lips Petroleum plans to pump in some $60 million, starting with a new fertilizer plant for which ground has already been broken. Union Carbide will expand its operations...