Word: steel
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Dates: during 1960-1969
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Clandestine Meetings. The $400,000 total of fines, highest ever in the industry's history, was levied against its six largest companies-U.S. Steel, Bethlehem, Republic, Armco, National and Jones & Laughlin-as well as Wheeling Steel and National's Great Lakes Steel subsidiary. The judge also allowed no contest pleas by the only two individuals indicted: James P. Barton, 62, U.S. Steel's assistant general manager of administrative service, and William J. Stephens, 58, hard-selling president of Jones & Laughlin. Stephens, who worked for rival Bethlehem as an assistant vice president at the time covered...
...markets over the long haul. The aerospace industry is making hard plans for ten years ahead and estimates for 30. Detroit automakers have already begun firm planning in the expectation that "normal" yearly sales will be 9,000,000 cars by 1970 and 11,000,000 by 1975. The steel industry, in one small area east of Chicago, is busy building enough new capacity to produce 71 million tons from basic oxygen furnaces and 15 million tons of sheet by 1966. In this atmosphere, it appears that Wall Street has been listening less to the hammer and clank of vigor...
Since John F. Kennedy in 1962 forced the nation's steelmen to pull back a $6-a-ton price boost, federal grand juries have voted seven indictments accusing the steel companies of conspiring to fix prices. In the most important of these cases, the Justice Department last week won a big, if qualified, victory...
Eight major steel companies withdrew their original pleas of innocence and pleaded nolo contendere (no contest) to criminal charges that they had rigged some prices of the commonest grade of steel, carbon steel sheets, which go into autos, washing machines, kitchen cabinets, refrigerators, office furniture and many other consumer goods. Judge Edward Weinfeld of Manhattan's U.S. district court fined them $50,000 each, the maximum allowed under the Sherman Antitrust...
...indictment charged that the defendants arranged during a series of clandestine meetings in hotel rooms between 1955 and 1961 to subtly rig the thousands of "extra" charges that steel companies make for tailoring sheets to specific size, shape, weight, quality and chemical or metallurgical content. Such extras account for 16% of the $2 billion-a-year carbon-sheet business done by the eight firms...