Word: armco
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...holding dollars that have depreciated. Today most economists believe that inflationary expectations can be conquered by a mild downturn in business. At a time of no growth, they argue, businessmen who hiked prices would lose markets. Complaints from customers annoyed by past increases last week caused Bethlehem Steel and Armco Steel to cut prices on some important products...
...Word. White House telegrams went to all directors of all steel companies, and the Federal Trade Commission briefly threatened to open an investigation. Over the weekend, the heads of three big defense suppliers-Bethlehem's Martin, C. William Verity of Armco and Thomas Patton of Republic -were summoned to Washington for talks with Navy Secretary Paul Ignatius. Before long, their companies were issuing statements that across-the-board did not actually include shell steel, bomb casings, barbed wire and other military items. Defense, for its part, quickly claimed victory...
...time being, however, that remained nothing more than a hope. Within hours after the President's press conference, Republic Steel Corp., the industry's third-biggest company after U.S. Steel and Bethlehem, announced price increases on "principal" steel products of 4.5%. Armco Steel Corp. and Inland followed with broad-based price hikes of their own, and U.S. Steel extended its original increases to several other lines. National Steel Corp. and Youngstown Sheet & Tube Co. weighed in with selective price boosts. Bethlehem, meanwhile, showed no signs of budging. "In our opinion," said Chairman Edmund F. Martin, "our price increase...
...were not so fortunate. Second largest Bethlehem Steel Corp. had its lowest quarterly earnings in four years-$23,158,000 on sales of $628,642,000. Bethlehem directors nevertheless voted a quarterly dividend of 37.5? a share, but said that there would be "no further dividend action" this year. Armco, Allegheny Ludlum and Lukens also reported declines...
...badly. U.S. Steel showed a 44% decline in quarterly earnings and a 34% drop for the half-year, to $84.6 million. Second-biggest Bethlehem reported a half-year profit drop of 28%, to $66 million. Third-ranked Republic was off 26% for the half-year in earnings, and Inland, Armco, Crucible, Wheeling and Jones & Laughlin came in with similar returns...