Word: steel
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Dates: during 1960-1969
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...second-biggest matchmaker (Ohio Match), the largest paint manufacturer and distributor in the West (W. P. Fuller), and the' West's second-largest maker of glass containers. It also owns important interests in areas as remote from the tomato as magazine publishing (McCall's) and steel (Wheeling...
...profits largely by reorganizing its printing operations, and has helped make McCall's magazine a big-circulation success -though the magazine itself has yet to do as well financially as it does on the newsstands. Simon's latest move was to acquire a 7% interest in Wheeling Steel, where he now sits on the board...
...Steel, the world's basic industry, is locked in a bitter international price war. With steel profits sliding in almost every industrialized nation-the auto boom and buying as a strike hedge made the U.S. an exception in the year's first half -catcalls and complaints of dumping and cheating are flying back and forth across national borders...
...snap crossly at the Belgians; the Germans lash out at the British, the French, the Belgians and the Swedes; and no one, of course, has a kind word for Japan's low-cost producers. Last week, alarmed that undercutting foreigners have grabbed more than 21% of the German steel market, German steelmen vowed to risk a loss to meet the price of any cut-rate competitor...
Need to Keep Up. Saturation is the word the world's steelmen use to describe the situation. "As civilization advances in any nation," says President Shigeo Nagano of Japan's Fugi Iron & Steel, "consumption of steel rises, but at a certain point it reaches the saturation point and levels off. Advanced industrialized nations currently have reached or are fast reaching that saturation point." International steelmakers figure the saturation point at about 1,100 Ibs. a year per person;* when a nation reaches that level of steel consumption, such substitutes as plastic and aluminum begin to cut severely into...