Word: laughlin
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Dates: during 1960-1969
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...Charge on Extras. Swept up by the charges were the industry's six largest companies-U.S. Steel, Bethlehem, Republic, Armco, National and Jones & Laughlin-as well as Wheeling Steel and National's Great Lakes Steel sub sidiary. Conspicuously not charged were Inland Steel and Kaiser Steel, two major producers that are generally shut out of the industry's Establishment because they often buck the prices set by bigger companies-as they...
...grand jurors also indicted two upstanding steelmen: James P. Barton, 61, a plain-talking, conservative middle manager for U.S. Steel, and William J. Stephens, 57, Jones & Laughlin's gregarious, hard-selling president. Stephens, who worked for rival Bethlehem at the time of the alleged conspiracy, is the most important executive ever to be singled out in price-fixing charges. If convicted, the two men could be sent to prison for up to one year and fined $50,000; the eight companies also could be fined $50,000 each and be sued by injured customers for uncounted millions in triple...
...healthy today because steelmen have learned some modern lessons about how to take full advantage of national prosperity. After years of dawdling, they have finally become avid disciples of the latest cost-cutting and automation methods. At no firm has this conversion been more complete than at Jones & Laughlin, the nation's fifth largest producer-and nowhere have the results been more dramatic. On a sales rise of 6% (to $836 million) in 1963, J. & L. raised its earnings...
...shortsighted management had allowed to fall into desperate disrepair. The long, slow rebuilding process started by Admiral Ben Moreell in 1947 gathered momentum when Avery Comfort Adams, a supersalesman drafted from Pittsburgh Steel, took over in 1957. Shortly before his death, Adams retired last year; since then, Jones & Laughlin has operated under two bosses working in tandem. President William Johnston Stephens, 57, an outgoing salesman type like Adams, runs the day-to-day operations. Chairman Charles Milton Beeghly, 55, who was president under Adams, manages money matters. Though a wizard at trimming costs, he says: "The steel industry...
STEELS Armco 45.9 65.9 Bethlehem 88.7 102.5 Jones & Laughlin 25.2 44.4 National 35.5 63.7 Republic...