Word: armco
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...face spirit. Many who once thought they did not need a union to enjoy good pay and pleasant working conditions have changed their minds. Ruthless company-downsizing drives and continued layoffs, coupled with rising pay for top managers, have made their bosses look a good deal less benevolent. After Armco Steel announced a stock offering that included $45 million to be sold to key managers on generous terms, while leaving health and benefit plans unfunded to the tune of $1 billion, workers at the Middleton, Ohio, mill demanded an election to dump a 50-year-old company association and replace...
...assets and tax benefits, were down 47% this year, but profits for the company's C.I.T. Financial and NBC subsidiaries moved ahead. Basic industries generally have yet to feel the recovery. Republic Steel lost $35 million in the first quarter, almost twice as much as last year. Armco lost $128 million. Dow Chemical's profits declined from $154 million last year to $69 million this year. Dow President Paul F. Oreffice explained that his industry "traditionally lags a general economic turnaround by a few months." The big domestic oil companies, beset by falling prices, should show...
...reduction in talks with the union's leaders, but the presidents of the union locals subsequently voted down that cut. Last week's agreement was approved 169 to 63 by the local chiefs representing workers in the seven largest companies: U.S. Steel, Bethlehem, Jones & Laughlin, Republic, Armco, National and Inland...
Some of the businessmen had been afraid that the death of Soviet Leader Leonid Brezhnev five days before the trade session was to begin would force a cancellation. But according to retired Armco Inc. Chairman C. William Verity Jr., Soviet trade council officials were on the telephone within two hours after Brezhnev's death was announced, urging the Americans to come ahead. To Verity, co-chairman of the trade group, that was a hopeful sign that the Soviets felt that "the time had come for an improvement in relations...
...nation's railroad wheel. Burlington Northern, whose headquarters is in St. Paul, is the country's largest rail system, with 800 trains, but it was running fewer than 200. Only twelve of the 46 Amtrak trains that chug out of Chicago daily were operating, while Armco steel shut down eight coal mines in West Virginia, idling 1,400 workers...