But itĭiversified big in the early 1980s by buying Marathon Oil, closed plants with relative judiciousness, ran its finances conservatively-and somehow survived. It had its own diseases, including eight years of losses (one of them in 2003). But if we are chronicling who died, Big Steel didn't. Street, investors even consulted an index of blast-furnace activity to get a line on what the stock market might do. "As steel goes, so goes the nation," people said. Mid-century, the two big rivals operated in a world where steel was king and where U.S. 3 on the first 500 list), USX, and to its competitors, always, "the Corporation." It was Little Steel, a close second to Big Steel-variously known as U.S. Lineup can't exactly explain away Bethlehem, because over the years it wasn't just any steel company.
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steel companies have gone bankrupt in the past few years. In this exercise of complete hindsight, one piece of autopsy evidence is a crowded mortuary: More than 30 U.S.
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The wrong time, amid unremitting pressures on prices and unrelenting increases in costs? Or could expert and aggressive management, not wedded to history, have seen the handwriting on Was the demise of this once proud and arrogant company inevitable, the unhappy result of its being in the wrong industry at
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The afflictions that laid Bethlehem out on a steel slab. So this famous corporate death calls for an autopsy-a close inspection of People die of old age companies normally don't. Had Bethlehem lived, it would have turned 100 this year. Into the land of no one to answer questions. With that, the steel artist formerly known as Bethlehem disappeared Next the finale: Last yearīethlehem's assets-mainly six plants to be kept running-were bought by Wilbur Ross's International Steel Group. But it was by then in bankruptcy, ignominious, once-unimaginable bankruptcy. Throughout America-lowballed the costs of pensions and almost totally ignored bountiful health-care promises that the company was making to retirees.īethlehem meanwhile kept falling on the 500 list, descending in 2002 to 440. Even then, the losses understated reality, because for years the company's books-in line with practices Wiping out 1977, the others papering long stretches in the 1980s and 1990s. Later, disaster arrived: 15 years of losses, the first industry in general grew and Bethlehem stalled or only sputtered upward. 8 in 1955.Īnd then it waned, dropping inexorably in rank, as U.S. This pillar, in fact, of the FORTUNE 500 when the list was begun: Bethlehem was then very near its top, peaking at No. Power through great sweeps of the 20th century. You from New Jersey into Manhattan, and for much of the skyline you see when you get there, this munitions maker once called the Krupp of America, this mighty symbol of industrial That is what Bethlehem Steel has come to-this builder of 1,127 ships during World War II and of the Golden Gate Bridge, this supplier of metal for every bridge and tunnel that takes
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Statement: "We have no one to answer questions."
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Know the four-digit extension of the person you want, and how to key in a name if you don't, and how to reach billing and accounts payable, you will finally hear this chilling The brash American predicted a round-one knockout, yet he was the one on the canvas after the opening exchanges.(FORTUNE Magazine) – If you call the main number of Bethlehem Steel, and cool your mind while the polite, automated female voice on the other end tells you what to do if you Lopez has given himself the moniker of “The Takeover” and until Sunday he lived up to the name, dominating the lightweight division. He has also spent time in the Philippines sparring against the great Manny Pacquiao, fine-tuning his skills so that he was ready the moment his big chance came. In the five bouts before this one, he has travelled to Kuala Lumpur, Las Vegas, Athens, New York and Wembley. Perhaps the 28-year-old’s anonymity is in part due to the fact he rarely fights locally. Those who wanted to witness Kambosos make history needed only to shell out $3, the cost of a monthly subscription to DAZN, the platform streaming the event. Instead, the attention has gone to former footballers, with punters prepared to shell out $60 to watch them cash in on their second career. Surprisingly, Kambosos has been largely snubbed by the mainstream media in Australia.