Word: steelmen
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...yearly clip of $1.5 billion. With steel operations up 2% last week to 81% of capacity, the industry predicted a steadily rising market through summer. As matters stood, Bethlehem Steel, Republic Steel, Youngstown Sheet & Tube already had the highest first-half sales and profits in history. The steelmen's best customers, Detroit's automakers, were doing even better. Chrysler's first-half profits zoomed 380% to $89.7 million as sales jumped 44% to $2 billion; Ford totaled earnings of $171 million on record first-half sales of $3 billion. Even giant General Motors did not fare...
Protests & Denials. Reaction was swift and conflicting. Many steelmen had plugged for a boost ranging from last year's $8.50 a ton to $10 or more, were disappointed at the rate set by the industry leader. Said Avery C. Adams, president of Jones & Laughlin Steel Corp.: "The announced price increase is grossly inadequate in so far as covering our total anticipated cost increases is concerned." But the loudest protests came from those who thought the increase was too great-even though many had feared it would be even greater. House Democratic Whip Carl Albert of Oklahoma called...
...National Steel's boss. Weir set out to finance its lively ambitions. "I wanted $40 million at a time when that money looked like the national debt. I got it, not from Wall Street, but from Main Street." Instead of turning, like other steelmen, to J.P. Morgan & Co., Weir sold bonds to the public. With new equipment, Weir operated on a stubbornly independent policy of "no order too little, none too big." He supplied Detroit automakers on a booming scale that yielded National Steel a profit during every Depression year, made it the only U.S. steel company...
Ernest Weir was no less intransigent with his peers. In 1941 he gave his employees a io/ hourly raise at a time when U.S. Steel was holding out against the United Steelworkers for 7?. Steelmen had to fall into line, bitterly accused Weir of boosting the ante just to keep the union out of his plants. "In view of the industry's [booming] earnings," retorted Weir, "we felt the men should share the improvement." A few weeks later he helped sabotage U.S. Steel's plan to hike prices; he publicly supported a pending wartime price freeze, then marched...
Onetime U.S. Steel Corp. Chairman Benjamin F. Fairless, chairman of the institute, also predicted a rise in steel capacity that may top the 1956 increase of more than 5,000,000 tons. Most steelmen were confident that 1957 will equal or surpass 1956 in production. "I believe we're over the hump," said Armco Steel Corp. President R. L. Gray. "Things look better; incoming orders are picking up; inventories are down to where steel consumers have...