Word: steel
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Dates: during 1960-1969
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...topped swagger stick and black Moslem cap, Sukarno had fallen ill twice during August, probably because of his chronic kidney trouble. During his recent trip to Europe, Viennese specialists urged an operation, but Sukarno is said to fear the scalpel, since his horoscope predicts that he will die by steel...
...computer-controlled centrifuge will soon be available to determine how crews and their systems stand up under the G forces of rapid acceleration. The world's largest vacuum chamber, which bulges into the shape of a 120-ft. stainless-steel beer keg and is big enough to swallow an entire Apollo moonship, will go into operation later this year. At the edge of the space center, a field covered with heaps of steel-mill slag and pumice is used as a practice area for simulated exploration of a crater-pocked lunar landscape...
Long burdened by unimaginative management, obsolete equipment and growing competition, U.S. Steel two years ago launched a massive reorganization program to bolster its lagging sales and earnings. The world's biggest steelmaker chopped its executive payroll, closed down or consolidated overlapping divisions and offices and sharply increased its research and capital expenditures. The effort is only now beginning to pay off. U.S. Steel's first-half earnings, while still substantially below those of the mid-50s, were 38% higher than in 1964. Sales were up 26%. Last week, determined to maintain the new momentum, Board Chairman Roger Blough...
...stockholders approve, Big Steel will issue debentures−a form of promissory note−in exchange for the 3.6 million shares of its preferred stock now outstanding. Unlike the preferred stock, which represents equity in the company and guarantees a fixed annual dividend before any common stock dividends are distributed, a debenture is a company obligation that earns interest for its holder. To make the offer more palatable, U.S. Steel will pay debenture hold ers about $30 million annually in interest, instead of the $25 million they now receive in preferred stock dividends...
Enlightened Generosity. The seemingly generous gesture will actually benefit U.S. Steel. Debenture interest payments are deductible from federal corporate income taxes, thus will really cost the company only about $15 million annually−$10 million less than it is currently paying in preferred stock dividends, which are distributed out of after-tax earnings. The benefits to the preferred stockholders and to the company and its common stockholders were immediately recognized on Wall Street, where by week's end U.S. Steel's preferred stock jumped $26 and its common stock $2 per share. What puzzled many on Wall Street...