Word: alcoa
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...that it would sell 100,000 tons of excess aluminum from the Government's huge stockpile, hoping to pressure the companies by weakening prices (yet denying any such aim). As the Aluminum Co. of America joined the price rise, the Government raised that total to 200,000. Then Alcoa Executive Vice President Leon Hickman, chief negotiator for the industry, vowed that the aluminum producers would stick by their price boosts. Furious at this open defiance, the Texas White House issued further orders to up the ante...
...Time to Shave. That twist was enough to do it. The same day Alcoa President John D. Harper hurried from Pittsburgh to McNamara's mammoth third-floor office in the Pentagon's guarded E ring, began negotiating for a truce. Harper was back in the Pentagon the next day, too, and he and McNamara also spoke several times by telephone. At 8:35 p.m. on Wednesday, Harper phoned McNamara from Pittsburgh to surrender: Alcoa would cancel its price boosts. Lest the company change its mind overnight, McNamara called in newsmen for a 9:45 conference, acting so quickly...
Private industry is also stepping up its spending. Volkswagen is laying out $100 million to double its plant capacity, and Ford is investing $30 million to enable its truck and tractor factory to assemble automobiles as well. Alcoa has set up a pilot company as the first step toward establishing a $51 million aluminum works. The most hopeful investment field is in petrochemicals, where the government recently broke the long-held monopoly of state-owned Petrobras to attract more efficient private companies. Some ten corporations, including Jersey Standard, Gulf, and Phillips Petroleum, are now actively studying the investment possibilities. Brazil...
...other come-on devices except toys. More than 150 U.S. corporations-including Chrysler, Black & Decker, Weyerhaeuser, Phillips Petroleum, Carnation and G.E.'s Hotpoint Division-use books in sales campaigns. Last week the Aluminum Co. of America launched one of the biggest book campaigns yet. For 500 and an Alcoa coupon, it will send out a 310-page paperback called Mealtime Magic Cookbook, which contains hundreds of recipes for indoor and outdoor cooking-many specifying Alcoa wrap. Alcoa has ordered a printing of 100,000 to start...
Stable Prices. These troubles have won Alcoa a reputation on Wall Street as a weak performer, but Harper insists that the company's fortunes should continue to brighten. Reason: aluminum demand is catching up with supply, and ingot prices have finally stabilized (at 24½? a lb.), even though the industry has two more producers and 35% more capacity than when its price troubles began. Aluminum is already a big item in everything from saucepans to Saturn rocket skins, but to advance Alcoa's recovery further Harper is pushing hard to get more aluminum into mass products-tops...