Word: armco
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Dates: during 1950-1959
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...Logan Truax Johnston, 60, was elected president and chief executive officer of Armco Steel Corp., succeeding Ralph Larrabee Gray, 65, who will become chairman. Pittsburgh-born Logan Johnston started in the steel industry in 1925 as a salesman for Columbia Steel Co. of Butler, Pa., joined Armco in 1927 when Columbia was merged with it, has made a career selling steel. He was named Armco's general manager of sales in 1947, a vice president in 1952 and executive vice president in 1958. As president, Johnston is expected to press product variety, which has made Armco fourth...
Republic Steel Corp. hit 70% this week, some five weeks ahead of earlier predictions; U.S. Steel* is also coming fast, will have some plants up to 85% production by next week. Inland expects 80% capacity this week, while Jones & Laughlin, Wheeling Steel, Armco, Allegheny Ludlum hope to hit between 65% and 80%. Throughout the industry, steelmen are cashing in on the care they took in shutting down their furnaces and in keeping maintenance crews in the plants during the strike. Only a fraction of the expected repairs proved to be necessary...
Steel stocks were among the strongest, despite the strike threat (see below); investors recalled that steel shares showed marked gains during the 1956 strike, and that historically they have moved up after strikes. Many steel stocks topped their historic highs. Among them: Armco (up from a 1959 low of 64⅛ to 77), Inland (up from 43¾ to 53⅝). U.S. Steel (up from...
With furnaces pouring steel at record tonnages, the steel industry reported profits high, and still on the rise. Jones & Laughlin reported first-quarter earnings of $1.97 a share (v. 17? last year) on record sales of $236.4 million, predicted the second quarter will be even better. Armco Steel announced first-quarter earnings of $1.43 a share, more than 100% over a year ago. Equally soaring reports came from Inland Steel ("new first-quarter records"), Kaiser Steel (76? v. 46?), Pittsburgh Steel (66? v. a loss last year), Detroit Steel (83? v. a loss last year), Allegheny Ludlum...
...Wall Street, the message of the steelmen and statisticians came loud and clear. In heavy trading that time and again left the high-speed ticker behind, National Steel gained 5¼ points (to a new high of 84), U.S. Steel picked up 4⅝ (to 944), Bethlehem, Armco and Youngstown all ran higher. And with them went the market. By week's end, shares on the Dow-Jones industrial average had gained 14.24 points to reach a new peak: 602.21, and a level nearly 40% higher than the recession low of 16 months...