Word: armco
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Dates: during 1950-1959
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...Steel, which like others in the industry has been hard-hit by a drop in orders (first-quarter operating rate: 69.4%), was nevertheless able to keep per-share earnings up to $1.79 v. $2.24 last year. Said President Charles White: orders have picked up in every month since October. Armco Steel was actually able to show a rise over last year's $7.7 million...
Steel & Oil. Backed by U.S. banks, such firms as Caterpillar, International Harvester, Westinghouse, John Deere and Armco are discussing plans to put money into Argentine enterprises. Armco, Westinghouse, and McKee of Cleveland want to finish the $140 million steel mill the Argentines started at San Nicolas near Rosario. With the enthusiastic blessing of Peron, who now has to spend $500,000 a day of Argentina's dollar funds for foreign oil, representatives of U.S. oil companies have been discussing the future development of the country's underground resources. Argentine sources predict that if the oilmen decide to bring...
...gain. Neither the biggest steel nor the biggest auto companies have yet reported, but in both industries smaller companies showed big gains. Specialty-steelmaker Allegheny Ludlum had a 44% increase (to $2,000,000), and Sharon Steel's $2,000,000 was a 49% gain. (But middle-sized Armco showed a 3% drop.) In autos, Packard was way ahead of last year (see below), and Nash-Kelvinator, which had been hit by a strike last year, had an astounding gain...
Steelmen last week started making noises about a new price boost. In Pittsburgh, National Steel Corp.'s Chairman Ernest T. Weir called in reporters and told them: "The [steel] industry basically does not make enough money. Its prices are too low." Armco's President Weber W. Sebald said that his company is studying its price lists, and expects to make some upward adjustments soon. At a Miami convention of steel distributors, U.S. Steel's Chairman Ben Fairless referred to the "sub-competitive price" of steel, and said: "There's no fat left on our financial bones...
CHARLES RUFFIN HOOK JR., 38, vice president in charge of personnel of the Chesapeake & Ohio Railway Co., to be Deputy Postmaster General. Son of a wealthy Ohio industrialist (now board chairman of Armco Steel Corp.), handsome Charlie Hook married a Morgan heiress, is a popular and ornamental member of Cleveland society...