Word: kennecott
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...Kennecott and Phelps Dodge...
...nationwide copper strike, President Truman reluctantly trundled out a Taft-Hartley injunction for the first time since Korea, sent 53,700 members of the left-wing International Union of Mine, Mill & Smelter Workers back to their jobs. Already back at work were 8,300 employees of the huge Kennecott Copper Corp., which had made a separate peace with the union five days before. Kennecott's terms: a raise averaging 15? an hour (just a fraction of a cent more than its last offer before the strike began), and an additional 4½? an hour in pensions. When the union...
Most companies are ready with a replacement when the top man dies. But Kennecott Copper Corp., largest U.S. copper producer, was a special case. Two years ago its president, E. T. Stannard, and his successor were both killed in an airplane crash (TIME, Sept...
...their new president, Kennecott directors took a chance on a man who knew nothing about copper. He was Charles Raymond Cox, 60, a rough & ready dynamo who had spent most of his life in the steel business, risen to boss U.S. Steel's largest subsidiary, Carnegie-Illinois. Cox brought in some new blood for Kennecott's executive ranks, expanded research, cut costs where he could. Under Stannard, Kennecott was a one-man show; Cox decentralized...
Last week Cox showed that he had learned his copper lessons well. In the first six months of 1951, he reported, Kennecott profits hit a new peak of $50 million, up 33% from the same period of 1950 (despite a 183% jump in taxes). Some of the gain resulted from a higher price for copper (24½ v. 18½ a Ib. in 1950). But much of it came from the 32% boost in copper production which Charlie Cox and his new team had managed to achieve in a year. This week, as the nation's copperworkers went...