Word: steelmen
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...beery saloons from Ambridge to Donora. The subject: the change that is coming over the United States Steel Corp. Behind the closed doors of its executive suites, the world's largest steelmaker is shaking through the greatest reorganization in modern U.S. business. On July 1 the giant that steelmen everywhere know as "The Corporation" plans to announce that Phase One is over, that its thorough shifting of executives and sorting of divisional boundaries have been successfully completed...
...charge of its relations with Washington and with stockholders. Finance Committee Chairman Robert C. Tyson, 58, a cool accountant who came from Price, Waterhouse, looks after the money. Leslie Worthington, 61, an ebullient salesman who was lifted several ranks to the presidency in 1959, runs day-to-day operations. Steelmen and securities analysts consider Blough and Tyson to be adequate specialists, rate Worthington as the most imaginative and popular of the three. "In sum," says one Pittsburgh steel executive, "the top managers are conservative men who tend to practice what they already know...
...grand jurors also indicted two upstanding steelmen: James P. Barton, 61, a plain-talking, conservative middle manager for U.S. Steel, and William J. Stephens, 57, Jones & Laughlin's gregarious, hard-selling president. Stephens, who worked for rival Bethlehem at the time of the alleged conspiracy, is the most important executive ever to be singled out in price-fixing charges. If convicted, the two men could be sent to prison for up to one year and fined $50,000; the eight companies also could be fined $50,000 each and be sued by injured customers for uncounted millions in triple...
According to the Government, the steelmen did not try to fix the basic price of sheets but subtly rigged the thousands of "extras" that they charge for processing the sheets to certain sizes, shapes and strengths. These extras account for about 16% of the $2 billion-a-year carbon-sheet business done by the eight companies. The scheme to fix these extras, according to the indictment, was forged in a spylike atmosphere reminiscent of the electrical price-fixing case. The grand jury charged that the steelmen conspired in secret many times between 1955 and 1961, meeting in Manhattan hotels where...
...contendere (no contest) to one of the lesser price-fixing charges handed down in the same investigation, U.S. Steel denied the latest accusations, planned to plead not guilty at this week's arraignment. Bethlehem also issued a denial, countercharged the trustbusters with disinterring "ancient history" and "harassing" the steelmen. Many executives viewed the indictment as the latest phase in what they deem to be a continuing vendetta against steel led by Attorney General Robert Kennedy. But they absolved Lyndon Johnson of any blame, on the grounds that the charges did not originate in his Administration...