Word: armco
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...boss of the nation's power. BRUCE K. BROWN, 52, president of Pan-Am Southern Corp. (oil distribution), and veteran of World War II's Petroleum McMANUS Administration for War, to be oil boss. CHARLES W. CONNOR, 67, in charge of coal-mining operations for Armco Steel Corp. at Charleston, W.Va., to be solid fuels administrator (e.g., coal...
Last week, convinced that big-scale mining of taconite was feasible, Republic Steel Corp. and Armco Steel Corp. joined hands and began to dig in. On a 50-50 basis, they bought out Reserve Mining Co., which owns leaseholds on 17,000 acres of taconite. Republic and Armco agreed to build a $60 million ore-processing plant near Beaver Bay, on Lake Superior's North Shore, and a 47-mile railroad to the taconite mines. The immediate production goal: 2,500,000 tons of taconite ore a year. Ultimately, the two companies plan to spend $100 million more...
...peak production at General Motors Corp.* and other auto plants was reflected in the steel and tire industries. Both Allegheny Ludlum Steel Corp. and Pittsburgh Steel Co. racked up bigger profits in the first quarter than they had in all of 1949, and Armco Steel Corp.'s quarterly net of $11.8 million was about 42% above last year's period. B. F. Goodrich Co.'s sales were up 12% over 1949's first quarter; U.S. Rubber Co.'s were...
Solborg also signed up Armco to install a continuous strip process in the Fiat auto plant at Turin, and to help with a $4,300,000 modernization of a sheet steel mill at Terni, 34% financed by ECA funds. Said Solborg: "This is the sort of thing ECA should have been doing from its very beginning. The only way to impart American know-how to European industry is through people who do it best-American business and industry...
...with the production of rolled steel: total production last year was only 300,000 tons, barely half the country's requirements. When it reaches capacity in about two years, Cornigliano alone will roll 458,000 tons, and should be able to undersell other Italian-made steel by 25%. Armco will send 60 technicians to Italy to train Cornigliano executives, bring 150 Italians to the U.S. for schooling at Armco. For all this, Armco is charging a flat fee, will get an undisclosed royalty on Cornigliano's output, up to 350,000 tons a year for ten years...