Word: kennecott
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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...
COPPER CUTBACKS are planned by Kennecott Copper Corp., No. 1 U.S. producer, to boost prices that have slumped to 27?Ib. from 54¼ last year. Kennecott will trim domestic output 12%, or 3,800 tons a month, by slowing operations in Utah, New Mexico, Nevada. Move follows 3,500 tons a month cutback by Phelps Dodge Corp., 3,000 tons a month by Anaconda...
Confident that better days are coming, Allied Chemical, & Dye Corp. and Kennecott Copper Corp. are going ahead with joint plans to construct a $40 million titanium production plant. But most makers figure that the large civilian market will be slow to develop. Said one titanium maker last week: "Everyone is scrambling for new markets. I don't know where we will go from here...
...turned Gene over to Marv Jenson, a local mink rancher, who had developed the once-promising heavyweight Rex Layne. Young Gene was the kind of willing worker that Jenson had always wanted. Out of high school, he had a job as an apprentice welder, in the repair shop at Kennecott Copper's great open-pit mine, but he still had the energy to get up at five o'clock every morning and put in three to four miles of roadwork. He also worked out daily in Jenson's gym. After a year-long layoff to practice...