Word: laughlin
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Dates: during 1980-1989
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...proposed merger of LTV's Jones & Laughlin Steel subsidiary and Republic Steel was a relatively easy matter for the two companies to agree on six months ago, but in the past five weeks it has turned into a subject of sharp controversy within the Reagan Administration. J. Paul McGrath, the Assistant Attorney General for antitrust policy, first vetoed the agreement on the grounds that it violated Justice Department merger guidelines. Commerce Secretary Malcolm Baldrige then wrote an article in the New York Times calling McGrath's decision "a world-class mistake." President Reagan strayed into the fray...
...deal continues a trend that accelerated last year when Republic Steel and Jones & Laughlin, a subsidiary of LTV, agreed to combine. While both mergers must still be cleared by the Justice Department, their approval is expected...
...Jean Laughlin, manager of the Harvard Square location, agreed. "It's just new management and [Steve's] will continue to be a franchise operation...
...arise from Washington because the merger would create "a stronger, more efficient steel company, better able to compete in a new world-market environment." Jones will head LTV Steel, which will be headquartered in Cleveland. Some Republic employees suggested in jest that the new company be called Bradley Jones & Laughlin...
...marriage proposal is a triumph of hope over experience. Republic lost $239 million last year on sales of $2.7 billion, while Jones & Laughlin dropped $299 million on sales of $3 billion. In the first six months of this year, the two firms lost an additional $219 million. The new company will undoubtedly cut back and consolidate overlapping operations to save money. In Cleveland, for example, both Republic and Jones & Laughlin have plants that turn out flat rolled steel for cars and appliances, but LTV Steel will not need all the production capability of those two mills. Some industry experts estimate...