Word: ores
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Dates: during 1960-1969
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Blunders. With a return to normal times and increasing competition, trouble began. Salzgitter's iron ore proved inferior and too expensive to compete with ore from Sweden, Venezuela and Liberia. Ore stockpiles grew to 2,300,000 tons. Seeking to diversify, Salzgitter blundered into acquiring the ailing Büssing truck works for $12.5 million in the early 1960s. Recently Treasury Minister Kurt Schmiicker called that decision "the most striking error made by a company's management in the past few years." Büssing now contributes more than half of Salzgitter's losses; every fourth truck...
...more recent mistake was to invest $100 million in a new rolling mill that exceeds Salzgitter's steel capacity. Thus the company has to purchase semifinished steel from the Ruhr to use the mill economically. As Germany's largest producer of iron ore and ships, fourth largest coal producer, and seventh largest steelmaker, Salzgitter is in just about every problem industry in Germany. "The only thing we are missing to complete the whole scale of weak industries would be a textile plant," says Wolfram Langer, 51, State Secretary for the Treasury and new chairman of Salzgitter...
Still Trying. So far, the program includes seeking out partners for Salzgitter's coal, steel and iron-ore production in the private sector. Two new oxygen steel converters are to be built at a cost of $9,000,000 each to restore a balance between steel and rolling-mill capacities. The merger of Salzgitter's shipyards, Howaldtswerke of Kiel and Hamburg, with Deutsche Werft, a private shipbuilder, into a vast enterprise with combined sales of $200 million will take place Jan. 1. Büssing will cut its labor force by 2,000, and has been ordered...
...Government feared that the G.N.P. & B. would hurt competitors, notably the Milwaukee Road and the Chicago & North Western. Those two roads, which are also intent on merging, withdrew their opposition to the G.N.P. & B. after the Milwaukee was allowed access to such cities as Billings, Mont., and Portland, Ore. and to Canadian points that had all previously been terminals only of The Northerns. Railroad unions withdrew their opposition after the lines pledged to work off an excess of 4,511 employees by attrition. One complainant left, however, is the Denver & Rio Grande Railroad, which may yet appeal the ICC decision...
Except Demosthenes Konstandies Andros-and the entire population (30,000) of Corvallis, Ore. A former Oklahoma guard, beefy "Dee" Andros, 43, is head coach of the Oregon State Beavers-if not the best team around, then certainly the most underrated. Five weeks ago, the Beavers scored a 22-14 victory over heavily favored (by 19 points) Purdue, then the No. 2-ranked team in the U.S. Three weeks ago, they battled to a 16-16 tie with the U.C.L.A. Bruins, who at that time held the No. 2 spot. Two weeks ago, by a score of 3-0, they knocked...