Word: blough
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...STEEL. As U.S. Steel goes, so goes the industry, and "The Corporation's" Chairman Roger Blough glumly reported last week that the quarter had gone 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...
Reporting on U.S. Steel last week, Roger Blough calculated that "we have passed the low point. July will be the low month." Most businessmen agree that earnings should improve slightly, but there is bound to be cost cutting and perhaps price increases to help. The Government, they maintain, could help out too. Strong feeling is developing against the President's proposed surtax of 6% or higher on earnings, on the grounds that this is no time to take another bite where the fare has thinned...
...Steel last week chose an up-from-the-mills operations man as its next president. He is Pittsburgh-born Edwin H. Gott, 59, the company's executive vice president for production, who on July 1 will become No. 2 man behind Chairman and Chief Executive Officer Roger M. Blough...
...succeeding Leslie B. Worthington, 64, who steps down after almost eight years as president, Gott takes on U.S. Steel's highest administrative post, bearing responsibility for carrying out Blough's policy decisions. Organization charts aside, decision making at the $4.41-billion-a-year steel giant has actually been pretty much of a troika operation, with policy matters largely entrusted to Blough, Worthington and Robert C. Tyson, 61, powerful chairman of the company's finance committee. Gott's elevation should do little to change that arrangement; like his predecessor, he will remain in Pittsburgh, confer with...
...further task that lies ahead is picking a successor to Blough, who will retire when he reaches 65 in January 1969. The choice is especially important since U.S. Steel's chairman doubles informally as the industry's chief spokesman, a role that came under a harsh spotlight during Blough's 1962 confrontation with President Kennedy. The man generally figured to have the inside track for the top job is Executive Vice President R. Heath Larry, 53, a former company labor negotiator who now serves as Blough's right-hand man. Ed Gott's new responsibilities...