Word: youngstowns
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WHEN the air is clean around here," says a longtime resident of Youngstown, "we're not happy." In good times, the city's steel mills along the dirty Mahoning River roll out nearly 10% of the nation's steel, and a sooty haze from the smokestacks lingers inescapably in the air. Last week with the steel mills strikebound since mid-July, the air in Youngstown was ominously clear...
...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...
...Wall Street, the message of the steelmen and statisticians came loud and clear. In heavy trading that time and again left the high-speed ticker behind, National Steel gained 5¼ points (to a new high of 84), U.S. Steel picked up 4⅝ (to 944), Bethlehem, Armco and Youngstown all ran higher. And with them went the market. By week's end, shares on the Dow-Jones industrial average had gained 14.24 points to reach a new peak: 602.21, and a level nearly 40% higher than the recession low of 16 months...
HENRY E. MILLER JR. Youngstown, Ohio...
Bethlehem has dropped its plan to merge with Youngstown Sheet and Tube because of the trustbusters' opposition (TIME, Dec. 1). But it still hopes to compete harder in the Midwest market, possibly by building a plant on its 3,500-acre tract near Gary...