Word: steeled
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Dates: during 1960-1969
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...handful of family cartels and other industrial combines called zaibatsu, used to use size as a measure of success. The bigger the better. When U.S. occupation authorities took over after World War II, one of their first acts was to break up the zaibatsu, notably the monopolistic Japan Steel Co. The surge of domestic competition that followed stimulated the country's phenomenal recovery. Now Japan is discovering another result: a need to rebuild some of the old industrial concentration...
Last week, encouraged by the government, the two offspring of the old Japan Steel Co. - Yawata Iron & Steel and Fuji Iron & Steel - agreed to get to gether again. Their merger marked a long stride toward the formation of giant companies in all major industries in Japan...
...Complaints. On June 1, with the approval of Japan's rather toothless antitrust watchdog, the Fair Trade Commission, Fuji and Yawata will form the New Japan Steel Co., the world's second largest steel company after U.S. Steel Corp. Last year the two partners produced 25 million tons v. U.S. Steel's 32 million; they had sales of $2.5 billion. Under the presidency of Yoshihiro Inayama, now the chief of Yawata, the new company will employ 80,000 people in ten huge, highly integrated mills throughout Japan...
Many deals start on the golf course. One day at a Dallas country club, Jim Ling ran across an acquaintance who was a steel-company director. The man remarked that the steel company was in trouble and should be available for a takeover. As it turned out, the company threatened to resist, and Ling backed off. But his appetite had been whetted. He started looking for other steel companies. By reading annual reports, he became interested in Jones & Laughlin. First there was a correct but tense meeting at the elegant Rolling Rock Country Club outside Pittsburgh, then a secret hotel...
...hand, stock dividends must come from after-tax earnings. Using debentures, conglomerates can often grab control of other companies at little or no real cost to themselves. For example, Victor Posner, Miami conglomerator who has plucked a personal fortune from slums and money-losing corporations, has just captured Sharon Steel (annual sales: $225 million) after a bitter battle. Posner's NVF Co., a Delaware mini-conglomerate (annual sales: $30 million), offered a package of debentures and warrants backed by so few assets that Sharon accused him of planning to raid its coffers to bail NVF out of financial trouble. Even...