Word: kennecott
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Dates: during 1950-1959
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After a gloomy winter, copper investors thought they saw a few signs of spring. On the New York Stock Exchange last week copper stocks rose in heavy trading. At week's end Kennecott was up 2⅜ to 88⅞, Anaconda up 2½ to 46⅞, Magma 5¼ to 47. Behind the push was a ½? rise to 23½? a Ib. in copper price at custom smelters, which normally supply about 15% of U.S. refined copper. On the London Metal Exchange, where world prices are set and fluctuate with daily sales, copper closed...
From the world's largest copper company last week came a dollars-and-cents confirmation of the industry's slump. Kennecott reported 1957 earnings of $7.32 a share v. $13.23 in 1956. The drop surprised few Wall Streeters, who are figuring on similar drops for Kennecott's competitors. They estimate Anaconda earnings at slightly over $4 v. $12.85 m J956 and Phelps Dodge at around $4.40 v. $8.72. Principal reason for the drop: a price slide that Kennecott's President Charles R. Cox called a "debacle." Three weeks ago Kennecott set the pace for domestic producers...
...began to soar in 1954 in the worldwide boom, Chilean, African and U.S. producers boosted production and opened new mines. Copper supplies were still so short in 1956 (after a 43-day U.S. strike in 1955) that free market prices in London were bid up to 54.6?. "Now," says Kennecott's Cox, "automotive production is down and so are housing starts. Utilities have slowed their expansion programs. Those are our three biggest customers. And there was that price; when it climbed past 40? some of our customers began to bail out. I don't mean...
Production Cuts. To bring production into line with current demand, nearly all the major producers have shut down some of their mines. Kennecott is cutting back its U.S. production by 12%. Anaconda has sliced its Chilean production 10%, after cutting its Nevada mine output 16%. Phelps Dodge recently announced a 9% cut at its Arizona properties, representing a cumulative decrease of 22% since October 1956. Two giant foreign producers, the Rhodesian Selection Trust and the Belgian Congo's Union Minière du Haut Katanga have also trimmed operations...
...Without the imports, U.S. production would have been close to consumption. But the copper producers themselves have done no campaigning so far for a tariff increase. While Phelps Dodge and Magma, which now mine only in the U.S., stand to benefit from a tariff boost, international miners such as Kennecott and Anaconda are in a different position. Their domestic mines would profit, but it would be at the expense of their Chilean operations, which produce 66% of Anaconda's copper and 32% of Kennecott...