Word: steel
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Dates: during 1960-1969
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...national union chiefs by angry lieutenants, ambitious local lead ers and restless rank and file. A new and independent union that recently ousted two less militant A.F.L.-C.I.O. unions shut down two-thirds of the West Coast paper industry by calling the first strike there in 30 years. In steel, the prospects of a strike next spring have been heightened by a battle for the presidency of the United Steelworkers (see THE NATION). And it is painfully obvious that Walter Reuther has had his hands full trying to control his disputatious local U.A.W. leaders...
...only way he ever plunges. Working from a base that includes California's $400 million Hunt Foods & Industries and heavy investments in salad oil, matches, paint and publishing (McCall's), Simon plans his moves with the care and strategy of a Clausewitz. West Virginia's Wheeling Steel (1963 sales: $236 million) was surprised to find a few years back that Simon had quietly become one of its biggest stockholders, controlling 145,000 shares. Last week Norton Simon was elected Wheeling's chairman, replacing William A. Steele, who resigned a few weeks...
Simon will leave the actual running of the steel firm to others, but his takeover at Wheeling-where he owns only 8.8% of the stock-was certainly enough to make a few other people nervous. Among them: Leonard Goldenson, president of American Broadcasting-Paramount Theaters, which a few months back turned down a bid from Stockholder Simon (controlling more than 200,000 shares) to become a board member, and Roy W. Moore Jr., president of Canada Dry, which let Simon onto its board in August after first rebuffing his bid. Simon owns a 23% interest in Canada...
...brightest hope for improved earnings, however, lies in technological advance. Pipeline companies this year will buy 1,600,000 tons of pipe from steel companies, which have steadily made their pipes longer, stronger and thinner-walled. The proposed Trans-Canada line, for example, would safely cross 45 miles of current in the Straits of Mackinac with improved pipe, and pipe has been laid 170 ft. deep in the Gulf of Mexico. By developing underground storage vaults, gas companies have also been able to keep up with heavy winter demand and prop up summer prices. In the marshy New Jersey meadows...
...held its own list to less than 10% of the 5,000 items under negotiation. Among its exemptions: steel, lead and zinc, glassware, stainless-steel flatware. Even before adding to the list, Europe's protectionists had called for special protection for their aluminum, textiles, watches and sewing machines. Early this week, after desperate all-night bargaining, the French and their Italian allies gave in a bit, agreed to a list somewhat short of their original demands but much above what the Germans wanted...