Word: steel
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Dates: during 1960-1969
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...almost too active to join a small, private birthday party at the L.B.J. Ranch. After sticking to his desk for an extra day because of the steel dispute, Johnson finally flew to Texas at week's end to feast on a 20-lb. birthday cake decorated at Lady Bird's request with small frosting-symbols of Johnson legislation passed by Congress (a hypodermic syringe for medicare, a schoolhouse for aid to education). His presents were strictly for the Man Who Has Everything. Lady Bird's offerings: a leather-bound chronicle of the L.B.J. Ranch since...
...Pittsburgh's steel industry talks moved toward this week's strike dead line, it was apparent that the results, for once, would have little immediate effect on the economy. A strike would lay off 450,000 men and idle the nation's most important basic industry-but probably not for long, since President Johnson would almost certainly ask for an in junction under the Taft-Hartley law to keep the mills rolling. Even with a settlement, however, production is sure to tumble sharply as steel customers work off the record 14 million-ton stockpile that they have...
...further improve its financial performance, U.S. Steel−which has operated under a New Jersey charter ever since it was put together by old J. P. Morgan−will merge with a subsidiary and incorporate in Delaware, whose corporate laws and taxes are among the most lenient in the U.S. The company will also increase the par, or nominal value, of its common stock from its current mathematically unwieldy $16⅔ to a more tidy $30 per share, largely to facilitate bookkeeping...
Attacking Obsolescence. The capital expenditures announced by U.S. Steel will need a healthy financial structure to support them. Over the next three years the company will spend $1.8 billion−more than the entire industry's capital expenditures last year−to expand and modernize its facilities. Priority will be given to plants that will produce such products as flat-rolled sheet steel−used in great quantity by Detroit's automakers−and tin plate, highly profitable items that now account for too little a share of U.S. Steel's current production...
...company will also construct new oxygen furnaces and blast furnaces, at least two continuous casting lines, finishing facilities and light structural steel and bar plants. The ambitious program is intended to replace the last of U.S. Steel's collection of obsolete equipment, better enabling the company to withstand the assaults of more modernized U.S. and foreign competitors, the inroads of substitute materials such as aluminum and plastics and the ever-present specter of rising labor costs...