Word: laughlin
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...daughter of an officer of the Sons of Vulcan, an early union for iron craftsmen. Both her brothers were union men. After a brief, unsuccessful interlude of trying to run a saloon on the south side of the Monongahela River, the elder McDonald finally went into the Jones & Laughlin rolling mill as a guide setter. One day in 1915 a piece of hot steel sliding through the rollers sheared off accidentally. A hot, jagged end whipped through his left leg, put him in bed for ten months. When he walked again it was with a bad limp. In healing...
...early settlement and beat the June 30 strike deadline. The negotiators are moving to Manhattan, away from Pittsburgh and intense local pressures. In place of massive negotiating committees, each side has slimmed itself to a four-man team, with Stephens heading the industry group (U.S. Steel, Bethlehem, Republic, Jones & Laughlin, Inland, and Youngstown Sheet & Tube) and McDonald heading the union bargainers...
...less. At the top of the package is the demand for increased weekend pay, which alone could boost labor costs by 30? per man-hour. The Steelworkers' main objective is to put workers on a Monday-Friday week, though this would demand widespread reorganization of the industry. Jones & Laughlin Chairman Ben Moreell was hopeful last week that if "the union lets the industry work it out over a period of years, maybe it wouldn...
...only eight to ten times earnings, while chemical stocks sell at 20 to 30 times earnings. Because of this, steelmakers argue, it is far harder for them to raise cash for expansion. It becomes especially hard considering the enormous investment required for each ton of steel produced. At Jones & Laughlin. says Chairman Moreell, it amounts to $1.35 for every dollar of sales, v. 35-40? per dollar for the auto industry...
Smaller companies paint an even gloomier picture. Of Jones & Laughlin's current three-year $230 million expansion, only $90 million is available from retained earnings and another $90 million from depreciation, leaving $50 million which must be borrowed. As it is. says Chairman Ben Moreell. the company held dividends to 62½? per share on record first-quarter earnings of $2.09 per share, with the rest going into expansion. Expansion beyond the next few years will be even tougher for steelmakers. Entirely new plants must be built from the ground up, at as much as $350 per ingot...