Word: steels
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...Reagan Administration has approved some of the biggest corporate mergers in history: Du Pont and Conoco, U.S. Steel and Marathon Oil and, tentatively, Texaco and Getty. Last week, in a stunning reversal, it blocked the planned marriage of LTV and Republic Steel. Proposed in September, the deal would have created the second-largest steel company in America, behind U.S. Steel. Assistant Attorney General J. Paul McGrath, named two months ago to succeed William Baxter as the Justice Department's antitrust chief, said the merger would violate the Clayton Act, which bans excessive concentration in any industry...
McGrath feared that LTV and Republic would dominate the market for sheet stainless steel and for hot-and cold-rolled carbon and alloy sheet steel, products used in automobiles, small appliances, ranges and refrigerators. Together, the companies would have become the largest domestic producer of those types of steel. In the area of stainless sheet, the new firm would have controlled almost half of U.S. production capacity. Said McGrath: "We concluded that the increased concentration would be unacceptably high...
McGrath's position cast doubt over an even bigger steel merger. Three weeks ago, U.S. Steel announced the takeover of National Steel, which would have combined the largest and seventh-largest companies. Steel officials in recent months have been predicting that the business was about to undergo a series of such mergers, which would reduce the number of major steel producers from eight to as few as three. Executives contend that by combining resources, fewer rank-and-file steelworkers and middle managers would be needed, excess capacity would be reduced, and spending for raw materials to produce steel would...
...Justice Department, however, questioned whether the LTV and Republic merger would bring about that much increased efficiency. It also said that the threat of foreign competition in the kinds of steel most affected by the merger was not great enough to overcome the risks of domestic collusion to increase steel prices...
...true grit sifts through his pages. A farmer leads his sons as if growing things were a war on nature: "Their machines moved out over the fields, the mower clattering, breaking down at least twice a day. The old man stomped and swore. He nicked his hands replacing sharp steel teeth. The hayrakes followed his mower, his sons turning the dried hay into neat, continuous piles that looked like whorls of a huge thumbprint." A mother lays down the facts of life as immutable laws: "There's a lot more to life than the kind of love you mean...