Word: pittsburgh
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Dates: during 1960-1969
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...number of cities, including Pittsburgh, Chicago, Atlanta and Cincinnati, builders' efforts to step up production are complicated by shortages of carpenters, plumbers, bricklayers and electricians. "The building trades are replacing only 50% of their people who retire," explains Robert Teti of Pittsburgh's Ryan Homes. "It's tough to get craftsmen to work on the site, so you do it at the factory...
Except for one. Last week Simon conceded a resounding defeat in his effort to master steelmaking. At a loss of some $654,000, Simon gave up 60% of his holdings in troubled Wheeling Steel Corp. and turned the job of reviving its fortunes over to Pittsburgh Steel...
...share, or $4.20 less than he paid, Simon sold 77,353 shares of Wheeling to Pittsburgh Steel, plus an equal amount to the family of the late Charles F. Kettering, the General Motors inventor and executive. Along with three other Simon-picked directors (Simon himself resigned as chairman and director last November), Wheeling Steel President Robert Morris announced his resignation. In as chairman and chief executive of Wheeling will go Allison R. Maxwell Jr., 52, a gregarious salesman who has held the same job at Pittsburgh Steel since...
...Constructive Way." On top of criticism from the lenders when Wheeling failed to meet its repayment schedule last year, Simon came under pressure from his Hunt associates to devote his energies to more promising parts of his realm. To nurse Wheeling back to health, Simon agreed to let Pittsburgh Steel take charge because, said he, "it was the most constructive...
...companies should make a good fit. Pittsburgh, the nation's 14th largest steelmaker, lacks modern galvanizing facilities that Wheeling has in quantity. Pittsburgh's finishing capacity should help Wheeling recapture lost customers. Best of all, the two plants are linked by cheap water transport, the Ohio and Monongahela rivers. Despite his selloff, Simon kept a 4% interest in Wheeling (100,000 shares). If the price climbs eleven points from last week's close of 21⅜, Simon could yet escape from his bath in steel with a profit...