Word: anaconda
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Dates: during 1960-1969
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...world's largest copper producer, Anaconda Co. has enjoyed unprecedented prosperity over the past three years, thanks in large part to worldwide industrial expansion and the quickened demands of the Viet Nam war. But copper people know only too well that theirs is an uncommonly volatile industry, in which good times are never to be taken for granted. In view of that, it was a sign of unusual optimism last week when Anaconda's directors voted a two-for-one stock split and put dividends on a regular quarterly basis...
...large part, of course, those actions reflected Anaconda's pretty profit picture. Controlling 40% of the world's reserves at a time when copper prices have soared, the company last year registered a staggering 67% earnings gain to $132 million on sales of $1.2 billion. Even more important, the company is taking vigorous steps to meet some of its potential problems...
...Anaconda prospered on high world copper prices and swelling U.S. demand. Through a nearly strike-free year, the company's sales surged to ten figures ($1.2 billion) for the first time, while earnings swelled by 67% to $132 million. In the fourth quarter, profits rose 116% over the same period...
Also, Paper Bags. Then, there is all the action in the mines. Copper output has doubled since 1959, and Anaconda, American Smelting & Refining and Cerro Corp. are considering plans that could double it again by 1970. This would rank Peru with Chile and Zambia as world leaders in copper production. Even cautious old W. R. Grace & Co., which has been packing its bags in most Latin American countries, has announced a $50 million investment in papermaking and other projects over the next five years...
...long run, shortages may be eliminated by the nonferrous-metal industry's current expansion drive, which includes Anaconda's recent decision to spend $400 million to $600 million to increase its copper output 50% by 1970. For faster relief, metal men are looking to Washington. They winced last year when the Government threatened to dump part of its stockpile to force back aluminum-price hikes. Now they only wish that the General Services Administration would accelerate plans to sell off eighteen kinds of stockpiled metals this year to ease the squeeze...