Word: steeles
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Head on from the wave tops, it rises like a sleek steel Adonis, shoulders swelling massively from a taut waist. From high above, the jutting contours of its deck map the outlines of a miniature continent. The newest of America's 14 aircraft carriers, the 1,092-ft-long Carl Vinson, is the most powerful and expensive conventional weapon of war ever built. It is a symbol of the Reagan Administration's new globalism, in which the 19th century notion of gunboat diplomacy has been transformed into one of aircraft-carrier diplomacy. It is the pre-eminent weapon...
...concert grand, plucked by crane from the living room of his Manhattan townhouse, had its 12,000 parts cleaned and examined with a degree of care worthy of Air Force One. Its mahogany case was given coat after coat of high-gloss finish and hand-rubbed with fine steel wool, a laborious task that took 18 hours. It was then packed in space-age material resistant to heat and weather, loaded aboard a 747 early in April and shipped as a diplomatic pouch to Moscow. In the week before the concert, it was tuned and retuned so that it would...
...meantime, a special South African parliamentary committee is studying the impact of sanctions and exploring ways of circumventing them. Businessmen are attending strategy sessions on how to continue exporting iron, steel and other goods despite the U.S. boycott. Under discussion are techniques ranging from the creation of foreign "front" companies to the rerouting of trade through such neighboring black states as Lesotho and Swaziland...
...Pittsburgh-based USX, the steel and energy giant (1985 sales: $19.2 billion), the threat was only the latest in a series of battles. Amid a lengthy steel strike, its first since 1959, and menaced for weeks by speculative stock buying and takeover rumors, the company headed by Chairman David Roderick, 62, faced an $8 billion buyout offer from Carl Icahn, 50, chairman of Trans World Airlines. At week's end it was unclear whether Icahn sought control of USX or merely wanted to pocket a hefty profit for his efforts...
Before TWA's Icahn made his advance, USX had been considered a probable takeover target for some time. Wall Street analysts considered the diversified company, formerly known as U.S. Steel, to be drastically undervalued: its stock price in no way reflects its $21 billion in assets, which include $13.2 billion worth of oil and gas holdings. Many of those energy ventures, like the $6 billion acquisition of Marathon Oil in 1982, were engineered by strong-willed Chairman Roderick precisely to raise the ante for would-be raiders. With the steel and energy businesses reeling, Roderick last August decided to pick...