Word: steels
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Dates: during 1950-1959
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...long been lured by more money in industry. With NBC affiliates donating the early half-hour on 149 network stations (151 next semester), the $1,112,000 project was financed by the Ford Foundation and hefty grants from industry (Bell Telephone, Standard Oil of California, General Foods, IBM, U.S. Steel, Pittsburgh Plate Glass). Some 250 colleges jumped aboard, signed up 5,000 regular students, who pay an average $45 tuition and get from two to five hours of credit (depending on the college) if they pass their exams. The first-semester finals are due this week...
Rising steadily last week were most of the economy's key indicators, among them corporate earnings and steel (see below). One of the few major indicators that failed to show a significant surge was corporate spending for new plant and equipment. But signs cropped up that a turnabout...
...steelmakers it was the best week in years. Output was up to a scheduled 2,212,000 net tons (from 2,056,000 the week before and 1,459,000 a year ago), and orders were piling in so fast that many companies had to start allocating steel and reopen marginal facilities. U.S. Steel's Chairman Roger Blough reported that orders were being received at a faster rate than at any time in 1958, as Big Steel fired up seven of 14 open-hearth furnaces idled at its Pennsylvania Homestead Works last March. Equally cheering, Blough told stockholders that...
Nowhere was the steel news brighter than at Bethlehem Steel Corp. President Arthur B. Homer of the nation's No. 2 producer (after U.S. Steel) disclosed that on top of earning $57,678,360 or $1.24 a share in the closing quarter of 1958, the second highest fourth-quarter profit in its history, the company was operating at 80% of enlarged 1959 capacity and planning to go to 85% next quarter. Said Homer: "We've been having quite an upsurge in orders. It looks as if January bookings will be the highest for any month in the last...
...strong upturn in steel was in answer to rising consumption, plus a rush to build inventories as a hedge against a steel strike this summer. The three-year contract with the A.F.L.-C.I.O. United Steelworkers runs out July 1, and the steel union has already done some tough talking about the big pay package-estimated at $1 billion a year in wage increases and benefits-it expects to demand. Most steelmen, along with their customers, expect a strike. The automakers, trying to lay in enough steel for their 1959 models and part of their 1960 production, guaranteed their suppliers against...