Word: steels
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Dates: during 1950-1959
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...than the gains won by the Auto Workers' Walter Reuther last fall-to prevent revival of the rebel faction that tried to bounce him in 1957. Last week more mutinous mutterings rose from McDonald's ranks. Pollster Samuel Lubell found that many a steelworker genuinely fears a steel strike, is lukewarm to demands for greater wages, fearing that they might cost him his job (TIME, May 4). To refute Lubell, McDonald arranged for seven of his wage-policy committeemen to stand up in public meeting and demand hefty wage raises. Said one: "A lynching bee would look like...
Productivity is a key talking point for both sides in steel bargaining. Last month the U.S. Bureau of Labor Statistics reported that steelworker productivity had dropped 6.2% from 1956 through 1958, and most of the drop (5.1%) was in 1958. Answered Dave McDonald last week: "An enormous error." He calculated the respective declines at only 3% and 1.9%. B.L.S. hastily double-checked, admitted with embarrassment a "clerical error." A bureaucrat had substituted the total of stainless steel ingots shipped (18,443 tons in 1958) for the total of stainless steel ingots produced (895,119 tons). Still refiguring at week...
...economy's transition from recovery to boom was underscored last week by first-quarter earnings from the nation's two leading steelmakers. Top-ranking U.S. Steel Corp. reported a 9.9% return on sales for a net of $106.6 million, or $1.86 per share, up more than 70% from $1.04 per share for the first quarter last year. Bethlehem Steel Corp., second largest producer, doubled its first-quarter earnings per share to $1.06 from 52? last year...
Both U.S. Steel Chairman Roger M. Blough and Bethlehem Steel President Arthur B. Homer said that, barring a long strike, the industry's pickup in production would continue; for U.S. Steel and the industry second-quarter production will run between 90% and 95% of capacity. Blough said the rate of production, barring a strike, would drop "somewhat" in the third quarter but "would continue reasonably good because there's been a recovery in the economy that involves an increase in consumption by our customers." And for the fourth quarter production "ought to be better than the third...
...Evans, at 48, has amassed a fortune with his knack for changing corporate hard times into good times. He started at 28 by taking over H. K. Porter Co.. money-losing locomotive manufacturer, built it up into a profitable combine of 18 divisions specializing in electrical and steel products. In the last 15 years he has acquired more than 30 companies...