Word: steel
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Dates: during 1960-1969
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...became the first nonwhite nation with an industrialized economy. Beyond the Iron Curtain, Russia and China reconstructed their own bases of power. As others grew, the relative power of the U.S. inevitably shrank. In two decades, its share of the world's income dropped to one-third, its steel production fell from three-fifths to onequarter, its great gold stock melted as the balance of payments shifted. And most significantly, it lost its unique position as the world's only nuclear nation...
...another artist who feels that technology is, at best, only the handmaiden to inspiration. "The ideas you have," he explains, "force you to try new materials, not the other way around." His Manhattan studio has been redone five times in ten years as he shifted from bronze to steel and plastic constructions and finally to polyester resin. One of his recent plastic pieces is Five Inverted Pyramids, a work that gleams with static tension; it confines the eye with its precise geometry, while at the same time allowing it to penetrate luxuriously into the center of the form...
...Steelmakers stand to benefit from any upturn in Detroit, and they sorely need some such boost. Hurt by competition from foreign imports and the cost of new equipment, most steel companies suffered sharp earnings declines in 1967. Net income of U.S. Steel, the industry leader, dropped 31%, to $172,499,331 on sales of $4.07 billion. While that decline was a year-long affair, several rival steelmakers-including Bethlehem, Republic and Inland-showed fourth-quarter profit increases as customers started stockpiling in anticipation of a possible steel strike next summer. Other metals companies, among them Kaiser Aluminum and Reynolds Metals...
...their struggle to rise above a rundown economy, Britain's major industrial companies have moved into a flurry of mergers. Since last summer, consolidations have created Europe's largest steel company, second-largest auto producer and third-largest electrical-equipment manufacturer. Now the trend has spread into the once staid realm of banking. In the largest bank merger in Britain's history, Westminster Bank, the country's fourth largest (deposits: $4.2 billion), has just agreed to join forces with the fifth-largest, National Provincial Bank (deposits: $4.1 billion...
Taiwan was the showcase for this approach. After American aid provided the foundations for a steel industry and light manufacture, Taiwan competed successfully in the Asian market and became, in the late fifties, the first country made economically independent by foreign aid. Following this initial triumph the program was widely applied in other underdeveloped countries...