Word: armco
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Dates: during 1950-1959
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...peak production at General Motors Corp.* and other auto plants was reflected in the steel and tire industries. Both Allegheny Ludlum Steel Corp. and Pittsburgh Steel Co. racked up bigger profits in the first quarter than they had in all of 1949, and Armco Steel Corp.'s quarterly net of $11.8 million was about 42% above last year's period. B. F. Goodrich Co.'s sales were up 12% over 1949's first quarter; U.S. Rubber Co.'s were...
...years in Europe with Armco Steel Corp., silver-haired, silver-tongued Robert A. Solborg, 57, has learned to speak eleven foreign languages. Last week Solborg signed three contracts that made good reading in any language. The biggest deal called for Armco to supervise construction and operation of Italy's first continuous strip rolling mill, at the Cornigliano steel plant near Genoa. The mill, which will cost $87 million, will be financed by ECA (32%) and the Italian government, and is one of the first joint attempts by ECA and U.S. private enterprise to help Europe's steel industry...
Solborg also signed up Armco to install a continuous strip process in the Fiat auto plant at Turin, and to help with a $4,300,000 modernization of a sheet steel mill at Terni, 34% financed by ECA funds. Said Solborg: "This is the sort of thing ECA should have been doing from its very beginning. The only way to impart American know-how to European industry is through people who do it best-American business and industry...
...with the production of rolled steel: total production last year was only 300,000 tons, barely half the country's requirements. When it reaches capacity in about two years, Cornigliano alone will roll 458,000 tons, and should be able to undersell other Italian-made steel by 25%. Armco will send 60 technicians to Italy to train Cornigliano executives, bring 150 Italians to the U.S. for schooling at Armco. For all this, Armco is charging a flat fee, will get an undisclosed royalty on Cornigliano's output, up to 350,000 tons a year for ten years...