Word: armco
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...major industries besides Ford have been lured to Valencia with a total investment of some $110 million. Among them: United Carbon, $3.3 million investment; Britain's Rootes Motors, $1 million; British-American Tobacco, $8 million; Container Corp. of America, $6.6 million; Owens-Illinois, $6.2 million; Armco Steel Corp., $4.4 million. When it started, the council hoped some day to see a payroll of $800,000 each week. Though most of the plants are still unfinished and many regular production employees have yet to be hired, 12,000 new industrial jobs have already been created, and the Saturday payroll...
...bosses of dozens of other top U.S. companies, the greeting from stockholders depended not so much on additional goodies but on whether profits were up or down. Steelmen beamed as they presented quarterly reports posting new records for sales and earnings. Armco Steel was up to $1.62 per share v. $1.43 in last year's first quarter; Kaiser Steel zoomed from 76? to $1.79 per share; both Republic Steel and Granite City Steel were ahead of 1959. As the first of the automakers to report, Ford Motor Co. foretold good news from Detroit with first-quarter earnings...
...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...