Word: armco
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...news from companies that supply Chrysler and other automakers, however, remained gloomy. With steel industry plants running at only 50% of capacity, Armco, the fifth largest American producer, lost $57.4 million, and National Steel, the sixth largest, lost $49.9 million. Aluminum sales were also depressed, and Reynolds Metals saw profits tumble 44% to $25.5 million...
...producer of titanium, a steel-like strategic metal that is crucial to the aerospace industry, to help pay for the Marathon take over. Meanwhile, National Steel Corp., the sixth largest U.S. producer, has spent $75 million to take over savings and loans in Miami and New York. In 1978 Armco even went so far as to drop the word steel from its corporate name altogether, and is now diversified into oilfield equipment and financial services...
...President summoned leaders of 100 business and civic groups to the White House for a meeting at which Armco Chairman C. William Verity Jr., head of Reagan's Task Force on Private Sector Initiatives, set a goal of persuading corporations and individuals to increase greatly their charitable contributions during the next four years. That was another attempt to portray Reagan as a man of compassion, but one who believes the poor should be helped as much as possible by voluntary charity rather than Government benefits. At week's end the President hosted a White House lunch...
Other industrialized nations were quick to take advantage of Carter's ban on American high-technology exports two years ago. A French company, for example, landed a contract to build a Soviet steel plant that was originally scheduled to be constructed in part by Armco Inc. of Middletown, Ohio. James H. Giffen, president of Armco's international subsidiary, thinks that Europe will be equally unsupportive of Reagan's sanctions. Says he: "We applaud President Reagan for his sympathy with the Polish people. But we have to wonder whether sanctions are an effective way of communicating concern...
...pressure on its allies and CoCom to halt technology exports to the Soviet Union. But while the U.S. Government has stopped trade by some American companies, foreign firms have sometimes flouted U.S. policy. The French, for example, signed a contract last September to build the steel factory that Armco could not. And after Alcoa was forbidden last year to construct a Soviet aluminum smelter, a West German firm went ahead with the project...