MIDDLETOWN, Ohio — Armco Inc., a diversified steelmaker digging out from three years of multimillion-dollar losses, says it is considering merging with another company or buying a competitor.
Robert E. Boni, Armco chairman and chief executive, says in the company's new 1986 annual report that Armco has made tremendous gains in operations the past two years.
"But, as a stand-alone company, it will be difficult to afford the high cost of modernizing and consolidating that is needed to meet customers' needs and remain competitive in terms of costs and technologies," he said.
"We are considering a number of dynamic, strategic alternatives that range from merging all or part of Armco with another company to acquiring a major competitor," he said. He said he wants to see Armco concentrate on producing steel and other metallic products.