Word: youngstowners
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...giving its 2,250,000 stockholders the right to buy additional shares of its common stock at a special price. Such companies as General Motors and RCA, which have many consumer products to sell, like lots of stockholders because shareowners are likely to become customers as well. Even Youngstown Sheet & Tube gave this factor consideration in its recent 3-for-l split. "Stockholders have a stake in the company," says President Alfred S. Glossbrenner, "and we would suppose that they may try to help us sell a few more tons of steel here and there...
...Payoff. Third-quarter earnings range from strong to sensational. Compared with last year's third quarter, Armco Steel and Youngstown Sheet & Tube more than doubled their profits; Republic's earnings were up 54% and Jones & Laughlin's an awesome 862%, to more than $7,000,000 in the quarter. Inland Steel raised its quarterly dividend from 400 to 450, the first dividend increase by a major steel company in two years. The industry's two biggest companies, U.S. Steel and Bethlehem, are also widely expected to report higher earnings...
...early career as a laborer in the rolling mills has made Alfred S. Glossbrenner, 62, the president of Youngstown Sheet & Tube, an unusually knowledgeable executive-but it has also left a habit that exasperates his subordinates. He arrives at his office at 7:45 a.m., forcing anyone who hopes to beat him there to rise with the sun. Glossbrenner likes to be first in other ways: Sheet & Tube last month was the first of the majors to act in steel's latest round of price increases, and last week it became the first to report third-quarter earnings, which...
While most other nations are battling inflation, the U.S. has enjoyed relatively stable prices for six years. Last week a round of price hikes in several key industries raised some doubts about how long this will continue. Youngstown Sheet & Tube tested the steel market by posting an increase of 4%, and by week's end almost all the major steelmakers had followed with boosts that covered one-third of the industry's output. At the same time, industry leader Alcoa joined in price hikes that have raised the cost of aluminum as much...
...pair were seeing toward Youngstown, Ohio, when Sunquist threw open the driver's door and dived onto the pavement is the fashionable Georgetown section of the Capital. The cab ran on a few feet and then crashed into a parked car. A curious gas station attendant easily disarmed the dased, drunken passenger...