Word: youngstowners
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Dates: during 1970-1979
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...steel conglomerates LTV Corp. and Lykes Corp. have argued fiercely that the only alternative to their planned merger was Lykes' bankruptcy and the layoff of thousands of steelworkers. But antitrust officials objected that even the marriage of two money losers. LTV's Jones & Laughlin and Lykes' Youngstown Sheet and Tube, would reduce steel competition. In the end, it came down to a very close personal decision by Attorney General Griffin Bell. Last week, overruling his staff, he approved the deal by which LTV (sales last year: $4.7 billion) will acquire Lykes for about $200 million in stock...
...controversial decision to allow the joining of the nation's seventh (Jones & Laughlin) and eighth (Youngstown) largest steelmakers into what will become the third or fourth biggest clearly hinged on Lykes' doomsday prediction. That prophecy could have proved self-fulfilling, because customers, suppliers and creditors all began to abandon the company for fear it would collapse. Bell rejected his own in-house advice that Lykes could be saved and competition maintained by selling assets to raise cash. The weakness of the company, he said, "led me to conclude that Lykes faced a grave probability of a business failure...
That would have been particularly painful, because Lykes last September closed some facilities in and near Youngstown, Ohio, eliminating 5,000 jobs. Local church and civic leaders hope to reopen the mills by collecting funds from people in the area and getting Government-guaranteed loans, but their chances seem slim and will be unaffected by last week's decision...
...protracted delay. I compared the 14 years it took me to try the Famous Players Lasky Corporation case, where there was no judicial control, with the three-year period that because of Judge Weinfeld's careful control would obviously see the complete disposal of the merger case (Bethlehem/ Youngstown...
Federal investigators blamed the Youngstown wreck on sabotage-someone had unbolted two sections of rail. But the other three derailments apparently were caused by mechanical failures: broken wheels in Waverly and Bowling Green, and a broken brake assembly in Cades. Indeed, the tracks and much of the equipment belonging to U.S. railroads have been deteriorating for years, and experts agree that the situation is steadily worsening. Last year there were about 8,000 derailments-3,000 more than the total ten years ago-including 150 or so in which tank cars leaked dangerous chemicals...