Word: armco
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...below 70% of capacity from July through September, U.S. Steel's earnings slipped to $44,323,860, v. $61,706,264 for 1953s third quarter. Republic's earnings dropped 26.7%, to $10,302,001; Youngstown Sheet and Tube profits tumbled almost 45%, to $4,474,003. But Armco Steel Corp. held its own, turned in a profit of $10,167,361, or $1.95 a share...
...Humphrey, to promote the Ungava project in the U.S. Steelmen in the U.S. were beginning then to realize how seriously two world wars had depleted the U.S. Mesabi Range. Humphrey and Timmins managed to convince some of them that Ungava could be a new Mesabi. Six steel companies (Republic, Armco, National. Youngstown, Wheeling, Hanna) agreed to finance the project and buy Ungava...
...Steel, which like others in the industry has been hard-hit by a drop in orders (first-quarter operating rate: 69.4%), was nevertheless able to keep per-share earnings up to $1.79 v. $2.24 last year. Said President Charles White: orders have picked up in every month since October. Armco Steel was actually able to show a rise over last year's $7.7 million...
Steel & Oil. Backed by U.S. banks, such firms as Caterpillar, International Harvester, Westinghouse, John Deere and Armco are discussing plans to put money into Argentine enterprises. Armco, Westinghouse, and McKee of Cleveland want to finish the $140 million steel mill the Argentines started at San Nicolas near Rosario. With the enthusiastic blessing of Peron, who now has to spend $500,000 a day of Argentina's dollar funds for foreign oil, representatives of U.S. oil companies have been discussing the future development of the country's underground resources. Argentine sources predict that if the oilmen decide to bring...
...gain. Neither the biggest steel nor the biggest auto companies have yet reported, but in both industries smaller companies showed big gains. Specialty-steelmaker Allegheny Ludlum had a 44% increase (to $2,000,000), and Sharon Steel's $2,000,000 was a 49% gain. (But middle-sized Armco showed a 3% drop.) In autos, Packard was way ahead of last year (see below), and Nash-Kelvinator, which had been hit by a strike last year, had an astounding gain...