Word: laughlins
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...rank and file put pressure on management for a settlement. United Steelworkers' President David J. McDonald, who had just appealed for "some negotiating statesmanship." immediately ordered the wildcatters back to work. But the short walkouts at major mills such as U.S. Steel's Fairless works and Jones & Laughlin's plant at Aliquippa, Pa. cut holiday week output to about 80% capacity...
Much of Air Products' earnings growth came from its postwar development of oxygen plants for the steel industry. By using oxygen instead of air in furnaces, steelmakers are able to increase their production 20% ; Jones & Laughlin's President Avery C. Adams hails the process as "the only major technological breakthrough in the steel industry since the turn of the century." Last week Air Products announced three new plants for steel companies. It will build and operate a $10 million plant for Weirton Steel, j a $3,000,000 plant for Granite City Steel...
...Army," says one, "you don't have much to say about whether you're going to march the next morning. We don't have much sense of participation." But the feeling is general that the strike is inevitable. A shear operator at a Jones & Laughlin tin mill shrugged his broad shoulders and said: "The men don't want a strike, and they don't want raises. They don't know what the union does, but they have blind faith. They'll back the union so its position won't be weakened...
...chief executive, realized that Adams was not about to yield. Geneen's resignation sent Raytheon's stock down 6½ points, touching off a wave of selling of other electronic issues. Reason: in his three years with Raytheon, Geneen, who came from a top post at Jones & Laughlin Steel Corp.. helped reorganize Raytheon so effectively (TIME, June 23) that earnings rose to $3.08 per share last year from 45? per share in 1956. At I. T. & T. (1958 sales: $635 million) Geneen will be given full sway to build the company's profits, broaden its consumer...
...industry angrily disagreed. Chairman Avery C. Adams of Jones & Laughlin said that from 1940 to 1958 the industry's labor costs per man-hour increased 298%, while its shipments of steel products per man-hour increased only 30%. Thus, every recent wage hike kicked off a steel price boost (see chart). Adams and fellow executives contended that profits are still "inadequate" to support a wage hike. Even at last year's relatively high levels, steel's profits-to-assets ratio ranked 27th among the nation's 41 key industries. The "obvious" solution to wage-push inflation...