Word: steelmen
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...auto upsurge, sparking a huge demand for metal, was firing up furnaces all through the steel industry. Mill output last week was at 77.5% of capacity, highest in ten months and a full 20% over the summer level. Steelmen were also receiving big orders from such other metal-consuming industries as machine tools and appliances. TV setmakers for example, hit a record monthly output of 948,000 units in September and were pushing higher still...
...back as most steelmen can remember, Chairman Eugene Gifford Grace of Bethlehem Steel Co. had a consuming corporate desire to merge "Bessie," the second biggest U.S. steel company, with Youngstown Sheet & Tube, the nation's No. 6 steelmaker. Grace first tried to turn the trick in 1930, only to be thwarted in court after a proxy battle with Cleveland Financier Cyrus Eaton, who then controlled 19% of Youngstown stock. This year, at 78, Bethlehem's Chairman Grace announced that Bessie and Youngstown were again planning to merge. Last week the Justice Department, which has been cool...
...Mauthe threatened to bring the case to court. (In 1948, before the amendment was passed, the Justice Department tried to block U.S. Steel's purchase of the West Coast's Consolidated Steel-TIME, June 21, 1948-but lost out in the U.S. Supreme Court.) Even if merged, steelmen noted, Youngstown and Bethlehem would still be second to U.S. Steel, with assets of $2.3 billion (v. Big Steel's $3 billion) and productive capacity of 24 million tons (v. 38.7 million tons). Said Bethlehem's Grace: "The merger would bring a great, new competitive force into...
There were other hints last week of a continuing boom for business. With the auto industry getting ready to buy steel for 1955 models, steel production is beginning to pick up, as steelmen had predicted it would, rose to 64.8% of capacity from 63.5% the week before. Jobs were becoming more plentiful, too. For the sixth consecutive week the Labor Department reported a decline in new claims for unemployment benefits. Business failures were down to 184, the year's new low; department-store sales and installment buying were...
Over 350. Steel's own chart can be misleading. While the industry is operating at low levels in relation to its present capacity, the capacity has grown so much that actual output is 4.4% ahead of the 1947-49 average. Steelmen last week were looking for an early pickup as automakers start on their 1955 models (see below), railroads place their winter equipment orders and shipbuilding picks up under new government stimulants...