Word: armco
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...Charge on Extras. Swept up by the charges were the industry's six largest companies-U.S. Steel, Bethlehem, Republic, Armco, National and Jones & Laughlin-as well as Wheeling Steel and National's Great Lakes Steel sub sidiary. Conspicuously not charged were Inland Steel and Kaiser Steel, two major producers that are generally shut out of the industry's Establishment because they often buck the prices set by bigger companies-as they...
...STEELS Armco 45.9 65.9 Bethlehem 88.7 102.5 Jones & Laughlin 25.2 44.4 National 35.5 63.7 Republic...
Died. Charles Ruffin Hook, 83, longtime (1930-59) president and chairman of Armco Steel Corp., the nation's fourth-largest steel company (1962 sales: $918 million), who married the boss's daughter and ran the company with such a velvet glove (the industry's first eight-hour day, first group insurance plan) that to this day fewer than half of Armco's 34,000 employees belong to the steelworkers' union; of cancer; in Garrison...
...Payoff. Third-quarter earnings range from strong to sensational. Compared with last year's third quarter, Armco Steel and Youngstown Sheet & Tube more than doubled their profits; Republic's earnings were up 54% and Jones & Laughlin's an awesome 862%, to more than $7,000,000 in the quarter. Inland Steel raised its quarterly dividend from 400 to 450, the first dividend increase by a major steel company in two years. The industry's two biggest companies, U.S. Steel and Bethlehem, are also widely expected to report higher earnings...
...profits. Over the past decade, the industry has averaged more than $1 billion a year to expand, modernize and automate; it plans to invest $1.2 billion this year and $1.5 billion next. Last week National Steel opened a $100 million hot-strip mill near Detroit, and in Kentucky, Armco Steel brought in two new oxygen-process steel furnaces and started pouring iron from the largest blast furnace in the Western world (daily capacity: 3,340 tons). The payoff from such new facilities as U.S. Steel's five basic oxygen furnaces now building in Duquesne, Pa., and Gary, Ind., will...