Word: laughlins
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STEEL Allegheny Ludlum $1.2 $2.0 Jones & Laughlin 6.7 11.4 Kaiser 1.9 (loss...
...capacity, the highest of any month this year. By week's end. producers were running closer to 71%. The reason for the steel upsurge was simply that many firms had cut inventories so low that they were hustling to order before a shortage set in. Jones & Laughlin, fourth largest producer, upped its output to 82% as a result of "a sharp increase in orders.'' As operations in the Youngstown, Ohio district rose to 64% of capacity v. 56% the week before, hundreds of workers trooped back to work. Furnaces glowed again: U.S. Steel relit a blast furnace...
...Highs. Steel earnings were also beginning to come back. Jones & Laughlin's President Avery Adams predicted third-quarter earnings will be 81? a share v. 47? in the second quarter. Nicholas P. Veeder, president and chairman of Granite City Steel Co., which is operating at nearly 100% of capacity, estimated third-quarter earnings at just over $1 a share for the best quarter in the last five. Said Veeder: "By the end of 1959, we expect to be up to the rated capacity of 1,584,000 tons yearly predicted for the end of our current expansion program...
Bruce Johnstone scored the first two goals, the remainder going to Alexander Cortesi, Philip Bernstein, and Dean Mac-Laughlin...
...program proves a success, Standard Oil Co. (Ohio), among other companies, will copy it. Top executives from U.S. business are now forming conservative but nonpartisan Americans for Constitutional Action to endorse pro-business candidates. Headed by Admiral Ben Moreell, who retires this week as chairman of Jones & Laughlin Steel Corp., ACA counts among its trustees Armstrong Cork Co. Chairman Henning W. Prentis Jr.; former Sears, Roebuck & Co. Chairman General Robert Wood; McGraw-Edison Co. Chairman (and former New Jersey Democratic Governor) Charles Edison. In Los Angeles County, Republicans have recruited 120 companies to send in names of young executives...