March 1, 1991 |
Armco Steel Co. said it will lay off 500 employees at its Ashland plant, beginning in March, for eight to 12 weeks. Company officials blamed the move on the recession and depressed markets for its products. About 2,700 employees will remain on the job. Mike Hewlett, president of United Steel Workers Local 1865, said the union membership was "disheartened" by the layoffs, although the announcement was not a surprise.
June 2, 1992 |
Armco Steel Co. said Monday that it has named Thomas C. Graham as president and chief executive and said it hopes he can make the company profitable. Graham, 65, a veteran steel executive, succeeds James McGlone, who is retiring after 42 years with Armco. The company, a 50-50 joint venture of Armco Inc. and Kawasaki Steel Corp., makes flat-rolled steel at plants that employ 8,900 in Middletown, Ohio, and Ashland, Ky.
May 22, 1999
AK Steel Holding Corp. agreed to buy stainless steel maker Armco Inc. for about $1.04 billion, uniting two of the biggest producers of automotive steel. * Times Business News on Radio: Our reporters provide perspective on markets, entertainment and other news on the KFWB-Los Angeles Times Noon Business Hour every weekday on KFWB-AM (980). Guide to Our Staff: Need to reach Business section reporters or editors? A guide to the section's staff can be found at: http://www.latimes.
September 25, 1991 |
Two Rival Steelmakers Merging: Armco Inc. will purchase rival Cyclops Industries Inc. of Pittsburgh in a deal valued at $156.2 million, the companies said. Armco, the nation's fifth-largest steelmaker, will pay $22--half in cash and half in Armco stock--for each of the 7.1 million outstanding shares of Cyclops common stock. When the merger is completed, James F.