Word: youngstowners
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Dates: during 1950-1959
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...which the future health of the nation depends. Though new business starts were 14% higher than 1955, business failures increased even more-to 17%. At year's end a major test case filed by the trustbusters to block the merger of Bethlehem Steel (No. 2 steelmaker) and Youngstown Sheet & Tube (No. 6) gave businessmen hope that the courts would lay down a new philosophy to guide the growth of the giants as well as protect the midgets...
...Bethlehem Steel and the Justice Department have been circling each other for more than two years, each one daring the other to knock the chip off its shoulder. Last week both chips were knocked off. Fulfilling one of his dreams, 80-year-old Bethlehem Chairman Eugene G. Grace joined Youngstown Chairman James L. Mauthe in announcing a merger agreement between Beth Steel, second biggest
...producer, with assets of $2 billion and ingot capacity of 20 million tons, and Youngstown Steel, sixth biggest producer (assets $574 million, ingot capacity 5.8 million tons). The Antitrust Division, which had already warned Beth Steel it would fight the plan, promptly filed suit under Section 7 of the Clayton...
...flaw in the Government's case, said Beth Steel, is that the two companies are more complementary, both by geography and by the products they make, than competitive. Bethlehem has plants on the east and west coasts, while Youngstown is concentrated in the Midwest. Youngstown produces many products that Bethlehem does not, e.g., seamless weld pipe, while Bethlehem manufactures steel types not made at all or in any large quantity by Youngstown, e.g., structural steels, rails, castings, stampings, machinery, freight cars, ships. The merger would permit product and geographic expansion that neither company could finance in the tight money...
CHARLOTTE M. LEVY Youngstown, Ohio...