Word: steels
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Dates: during 1950-1959
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...fast that he was able to build a power plant in Canada a few years later. By mergers and purchases, he shortly controlled a utilities complex in which $2 billion was invested. By 1925 he was so rich that when he decided to refinance a small steelmaker called Trumbull Steel Co., he could say: "Gentlemen, if you have any doubt about my ability to underwrite the financing, just call the Cleveland Trust Co. and ask whether my check for $20 million will be honored." Five years later, with Trumbull and other small companies as a base, he founded Republic Steel...
...Eaton was busy parlaying what he salvaged from the Depression into a second fortune even bigger than the first. With the financial help of RFC, Eaton diverted an Ontario river and drained a lake to get his huge Steep Rock iron-ore mine working, went back into steel by forming Portsmouth Steel Corp. with holdings in Detroit Steel and Cleveland-Cliffs Iron, helped that other great RFC beneficiary, Henry J. Kaiser, bankroll his ill-fated auto venture. Then, at a critical moment, Eaton backed out of a deal to underwrite $11.7 million worth of new Kaiser stock. (The court fight...
...have a moral obligation, and I will not look for escapes." Thus spoke West Germany's Alfried Krupp (TIME Cover, Aug. 19, 1957) of his pledge to the Allies to sell the coal and steel companies in his industrial empire. Last week, instead of selling, Alfried Krupp got permission from the High Authority of the European Coal and Steel Community to buy another steelmaker. The firm: Bochumer Verein, Germany's biggest producer of special steel. The purchase would give Krupp the biggest steelmaking capacity (4,000,000 tons) in Europe...
...Krupp, later written into German law, was designed to break up the huge combine that supplied Hitler with much of his arms. Krupp won extensions from the original March 1958 deadline by pleading he could not find a buyer for the Rheinhausen works, center of his coal and steel holdings. Permission for Rheinhausen to buy the new company made it almost certain that Krupp will not have to keep his promise to dispose of his coal and steel holdings this year. Said a Krupp spokesman: "The promise was given under compulsion...
...Eight. The trend toward reconcentration of West German industry affects more than Krupp. Eight big firms-Krupp (with Bochumer Verein), Dortmund-Horder Hlittenunion, Phoenix-Rheinrohr, Mannesmann, Hoesch Werke, Klockner-Werke, August Thyssen-Hütte, Hüttenwerk Oberhausen-control 75% of West Germany's steel production, almost 40% of German coal...