Word: armco
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...years in Europe with Armco Steel Corp., silver-haired, silver-tongued Robert A. Solborg, 57, has learned to speak eleven foreign languages. Last week Solborg signed three contracts that made good reading in any language. The biggest deal called for Armco to supervise construction and operation of Italy's first continuous strip rolling mill, at the Cornigliano steel plant near Genoa. The mill, which will cost $87 million, will be financed by ECA (32%) and the Italian government, and is one of the first joint attempts by ECA and U.S. private enterprise to help Europe's steel industry...
...confined to Big Steel. (President Truman, at his press conference, said he had always contended that steel prices were too high and he still thinks so.) Bethlehem Steel's net for 1948 was $90.3 million, up 76.8%, but the company cut no extra share of the dividend pie. Armco Steel, with a 28% increase in its profit to $32 million, boosted its quarterly dividend from 50? to 62½?. Wheeling Steel kept to its regular rate ($1 a quarter), though its earnings had jumped to $23.24 per common share (v. $18.66 last year), nearly half the current market price...
Humphrey's way is to keep moving. Last week he added a big chunk of new territory to M. A. Hanna's hodgepodge empire. With three of his longtime ore customers (Inland Steel, Armco and Wheeling Steel), Humphrey put together a $15-million syndicate to buy control of Butler Brothers,* which owns five groups of ore mines and large reserves in Minnesota's Mesabi and Cuyuna ranges. Mesabi's high-grade ores are being rapidly depleted, and the deal gave Humphrey's syndicate a fat share of what's left. Butler Brothers annually ships...
...cost of producing the average automobile. At week's end, automakers and other hard-goods manufacturers were still mum on any price rises. But in most of these lines, competition alone was not great enough to force them to hold the line. The only encouraging sign came from Armco's fabricating subsidiary, Sheffield Steel Corp. (bolts, wire, nails, etc.). Despite parent Armco's action, Sheffield, which makes its own steel, said that it plans no price rises...
...onetime president of the National Association of Manufacturers, brought forth no alchemical formula for postwar prosperity. He still remembers too well his first job at $2 a week, the pinchfist thrift he learned when he had to note down in a little black book every penny he spent. Now Armco's president thinks it is time for other black books, for more old-fashioned thrift...