Word: bethe
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...tribute, Bethlehem Steel made Grace honorary chairman, and abolished the post of chairman. Named chief executive was Grace's longtime (since 1945) second-in-command, President Arthur Bartlett Homer, 61, a precise and analytical Beth Steel veteran (since 1919) who bossed Bethlehem's World War II shipbuilding program. One of Homer's first pronouncements in his new job: Grace is recovering from his illness, is itching to return as an active adviser...
...general store. He saved enough to attend Lehigh University in Bethlehem, Pa., where he was class valedictorian ('99) and captained the baseball team for two years. Just before graduating as an electrical engineer, he had two job offers-one from the Boston Braves, the other from small Beth Steel. Grace calculated that a career as shortstop would end at 35 at best; so he went to Beth as a 15?-an-hour electric-crane operator, moved from one muscle-straining job to another. In 1906, Grace's drive struck the fancy of Beth's Boss Charles...
Grace drove other men as hard as he drove himself. He sent out photos of himself to his plant managers, autographed: "Always More Production." He pushed Beth Steel's famous incentive plan by which workmen were carefully graded on their output, and the top producers were promoted to bonus-paying jobs...
When World War II came, Grace went to work furiously as usual. Beth Steel became one of the top U.S. war contractors, turned out 73 million tons of steel, built 1,127 ships, repaired or overhauled 37,000 others. More than any other civilians, Grace and his lieutenant, Arthur Homer, got the credit for building a two-ocean navy...
...list. But stockholders felt that he had earned it. During his 41-year regime Grace boosted Bethlehem's capacity from 1,000,000 tons to 20 million tons a year, recently started a $300 million expansion that will add another 3,000,000 tons. As he stepped down, Beth Steel was in glowing health. While other makers operated at about 80% capacity, Bethlehem was pouring 91%. And for the first nine months, the company announced last week, Beth Steel's sales hit a record $2,002,000,000 while earnings also reached a new peak of $144 million...