Word: steel
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Dates: during 1960-1969
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Even the bizarre designs left behind by Rouen's Jean-Jacques Lequeu (1757-1825), who lived and died in poverty, obscurity and probable madness, have now been built in an era when modern steel and prestressed concrete make possible feats of construction that could only have been dreamed of in the 18th century. Lequeu's surrealistic designs for barns shaped like cows, and palaces with columns in the forms of deer and bears have been echoed not only in the fantastic churches designed by architects like Spain's Antoni Gaudi, but also in the animal-and coffeepot...
...Steel companies were not so fortunate. Second largest Bethlehem Steel Corp. had its lowest quarterly earnings in four years-$23,158,000 on sales of $628,642,000. Bethlehem directors nevertheless voted a quarterly dividend of 37.5? a share, but said that there would be "no further dividend action" this year. Armco, Allegheny Ludlum and Lukens also reported declines...
Bristling at his reputation as a steel-industry maverick, Joseph L. Block recently protested that "we just do what everybody else does, but we try to do it better." When Block, 65, steps down this week as chairman of Inland Steel Co., most people will admit that he has done pretty well. The nation's seventh biggest steelmaker, Inland has consistently outperformed its larger rivals in such key areas as return on invested capital, and proved itself equal to withstanding economic recessions...
...only major steel producer based in Chicago, Inland has long capitalized on the lucrative Midwest steel market. With all its production concentrated at its huge Indiana Harbor complex in nearby East Chicago, the company sells 70% of its output within a 200-mile radius. In recent years, however, other major steelmakers have rapidly expanded their Chicago-area operations-and Inland has lately been feeling the pinch...
...cost $4 an hour in increased wages and benefits. Reuther thereupon blew his top at the breach of the blackout, causing Ford to issue a soothing retraction saying his remark "was not meant to be taken seriously." Then signs of an imminent settlement began to grow. Ford ordered its steel suppliers to resume deliveries, began taping ads saying that "1968 models will soon be plentiful...