Word: steels
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Dates: during 1950-1959
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This year Cole's Chevy Division will produce nearly 1,500,000 cars, 27% of the U.S. total and more than either West Germany or Britain made in 1958. It will gobble up more steel (4,000,000-plus tons) than Sweden makes. Its sales (retail: $3.5 billion) are double the gross national product of Ireland...
...forced Texaco and Superior Oil Co. (Calif.) to drop merger plans (TIME, June 29). Merger would have given Texaco, second largest integrated U.S. producer and refiner, the advantage of Superior's huge reserves in Venezuela and U.S. Victory was Justice Department's biggest since it halted Bethlehem Steel and Youngstown Sheet & Tube Co. merger last year...
Even as the steel strike forced layoffs in many industries (see below), other sectors of the U.S. economy last week were girding for a fourth-quarter surge after the strike ends. Railroad freight-car loadings rose to their highest point since the beginning of the strike and 20.3% above the previous week, reflecting increased coal shipments to steel-producing centers in anticipation of the strike...
...going home. This farcical filibuster has ended." So said United Steelworkers' President David J. McDonald last week as he and his aides broke off Manhattan negotiations with management on the eleven-week-old steel strike, left for Pittsburgh. Said McDonald: "The industry has not offered one cent. You cannot bargain with a stone wall...
Replied R. Conrad Cooper, chief negotiator for management: "The steelworkers' union has not deviated from its insistence that the companies grant increases in wages and benefits of inflationary proportions. The steel companies cannot yield to such demands...