Word: armco
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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...
...Armco...
...eleven of the twelve boosts since World War II, this time plainly intended to let someone else lead the way-and take the political walloping that was sure to follow. Moreover, Big Steel probably needed a raise least, because of increased efficiency in its operations (see below). Last week Armco Steel's President R. L. Gray finally took the step, raised the price on flat rolled products (35% of all steel production) $4.50 a ton. The rest of the industry, including Big Steel, joyfully followed, spreading the raises to virtually all steel production. Democratic Senator Estes Kefauver promptly called...
...nation's biggest steelmakers seemed in no rush to hike prices. U.S. Steel said only that it was "studying" Alan Wood's move: so were Bethlehem Steel, Youngstown Sheet & Tube, Armco Steel and Jones & Laughlin, which added that it would not raise prices until U.S. Steel took the lead. Said Big Steel's Chairman Roger M. Blough: "Our immediate conclusion is not to attempt to change our prices until the situation is clarified." When that might be, added Blough: "We cannot forecast." But for years, steel prices have climbed, along with boosts in minimum wages (see chart...