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BUSINESS
January 26, 1988
Charles A. Corry, a USX Corp. executive for 28 years, has been elected president and a director of the Pittsburgh-based corporation. Corry, 55, will remain as president of USX's U.S. Diversified Group and will join a new office of the chairman, said Chairman David M. Roderick. Roderick said Corry will assist him in his duties, function on his behalf in his absence and help refine the corporation's strategic plan.
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BUSINESS
December 14, 2001 | Reuters
USX-U.S. Steel Group, which is in consolidation talks with other U.S. steel firms, gave a bleak fourth-quarter outlook Thursday, while two smaller companies involved in the talks announced management changes. U.S. Steel, the country's biggest integrated steel company, said shipments would be "well below" its third quarter, and forecast flat pricing, higher production costs and lower capacity utilization rates. Separately, Bethlehem Steel Corp., which with U.S.
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NEWS
August 26, 1986 | Associated Press
Ohio's Bureau of Employment Services ruled Monday that the work stoppage at the USX Corp. is a lockout rather than a strike and the firm's workers are entitled to unemployment benefits. The bureau said a notice of eligibility will be mailed within 10 days to each USX worker who has filed a claim. Eligible claimants can expect to receive their first checks within two weeks of receiving the notice, the bureau said.
BUSINESS
April 25, 2001 | Reuters
USX Corp. said its board agreed to divide its two units, USX-U.S. Steel and USX-Marathon Group, into separate energy and steel businesses in a reorganization of the corporation's much-criticized tracking-stock structure. The plan calls for a tax-free spinoff of USX Corp.'s steel business into United States Steel Corp., which will be an independent and publicly traded concern. Current USX-U.S. Steel common stockholders would become shareholders of U.S. Steel Corp.
BUSINESS
November 24, 1986
USX Corp.'s chief negotiator said the United Steelworkers of America rejected a "remarkable offer" to end their 113-day-old labor dispute against the biggest American steelmaker. A USX executive said the latest offer involved concessions that would have allowed union wages to stand at 44 cents per hour more than those at LTV Corp., the nation's second-largest steelmaker.
BUSINESS
April 6, 1987
The Geneva Works and its 2,200 workers have been on "indefinite idle" status since February. USX will continue discussions with a Utah group interested in purchasing the plant in Orem, 40 miles south of Salt Lake City.
BUSINESS
October 22, 1986 | From Reuters
Corporate raider Carl C. Icahn and USX Corp. officials are holding preliminary discussions on the New York financier's takeover bid and the company's restructuring proposals, USX said Tuesday. Meanwhile, USX Chairman David M. Roderick said a report initially expected today will be presented to USX officials "shortly" by the investment banking firms of Goldman, Sachs & Co. and First Boston Corp. on restructuring alternatives.
BUSINESS
July 9, 1986 | JAMES RISEN, Times Staff Writer
U.S. Steel took the word steel out of its corporate name on Tuesday and replaced it with the letter X--the company's stock symbol on the New York Stock Exchange since 1924. Renaming itself USX Corp., the company also announced a long-expected corporate restructuring that would make its steel division one of four operating units. Both moves were intended to reflect the diminishing importance to the overall company of its steel operations. USX would become a holding company.
BUSINESS
January 23, 1987 | JAMES RISEN, Times Staff Writer
In a surprise move, USX Corp. said Thursday it will raise its prices on widely used sheet steel products by more than 3% when its six-month labor dispute ends and its idle mills reopen. Analysts were caught off guard by the announcement. USX, the nation's largest steelmaker, had been expected to slash prices to regain the 20% market share it lost when 22,000 members of the United Steelworkers walked off their jobs at USX last Aug. 1.
BUSINESS
August 19, 1986
Steel remains plentiful despite a work stoppage at USX Corp., the nation's largest steel producer, industry analysts said. The difference is a sign of steel's diminished importance in manufacturing and the abundance of the metal from domestic and foreign sources, according to analysts. The USX shutdown began Aug. 1. Despite the strike, USS--the steel producing unit of USX--said it will increase prices on some steel products effective with shipments beginning Aug. 31.
BUSINESS
February 27, 2001 | Reuters
USX-U.S. Steel, the No. 1 U.S. steelmaker, and Nucor Corp. said they have raised prices for some types of steel by as much as $40 a ton, citing a boost in U.S. demand and a decline in competition from imports. Steel prices have been at a 20-year low, and the steel industry is trying to lift prices off that low, USX spokesman Mike Dixon said.
BUSINESS
April 23, 1999 | From Bloomberg News
Chevron Corp., the fourth-largest U.S. oil company, said Thursday that its first-quarter profit fell 36%, while USX Marathon Group, the sixth-largest, had a loss as a March rally in energy prices came too late to lift earnings. San Francisco-based Chevron's profit from operations fell to $281 million, or 43 cents a share, its lowest quarterly figure since 1995 and below the 50-cent average estimate of analysts surveyed by First Call Corp.
BUSINESS
August 7, 1998 | Reuters
USX Corp., the biggest U.S. steelmaker, has agreed to pay $30 million to clean up the Grand Calumet River in Indiana as part of a $54.9-million environmental settlement, the Justice Department said. Federal and state authorities had accused USX of illegally discharging waste water contaminated with PCBs, heavy metals, oil and grease, benzene and other polluting substances that kill fish and harm migratory birds, the department said.
BUSINESS
May 16, 1997 | From Reuters
USX Corp. and Ashland Inc. said Thursday that they will combine their oil-refining, marketing and transportation operations in a bid to cut costs in the competitive and profit-squeezed industry. The move is the latest by major oil firms to try to bolster results in refining and marketing. Shell Oil Co. and Texaco Inc., for example, recently announced a joint venture.
BUSINESS
July 29, 1992
USX Corp. said its profit soared in the second quarter, mostly due to a favorable accounting adjustment in the value of inventory and $296 million received in the settlement of a tax refund claim. The company's profit rose to $232 million in the second quarter from $25 million in the same period of 1991. Sales fell nearly 4% to $4.48 billion from $4.6 billion.
BUSINESS
July 29, 1992 | Associated Press
USX Corp. expects to fire up a continuous caster at a suburban Pittsburgh plant in less than a month. The $250-million caster, considered the industry's most modern equipment for turning molten steel into slabs, is considered essential to the survival of U.S. Steel's Mon Valley Works. Construction of the caster is near completion and startup is scheduled for Aug. 17.
BUSINESS
October 30, 1986 | MICHAEL A. HILTZIK, Times Staff Writer
USX Chairman David M. Roderick met Wednesday with investor Carl C. Icahn, who has an 11.4% stake in the giant steel and oil company, in the latest of a series of sessions the two have held concerning Icahn's $8-billion proposal to acquire USX. In comments made here before he left for the latest session in New York, Roderick characterized the discussions as "still friendly." Even so, USX has prepared itself for a fight. USX's cash reserve now stands at $2.
BUSINESS
May 30, 1989 | From United Press International
David M. Roderick, the No. 1 man at USX Corp., will retire Wednesday after 10 years as chairman during one of the most tumultuous chapters in the steelmaker's 88-year history. Roderick, 65, presided over the nation's largest steel company during the decade in which USX closed more than 140 steel facilities, sold $6 billion in assets and wrote off $3 billion in losses. Roderick also weathered criticism for spending $10 billion to buy Marathon Oil Co. and Texas Oil & Gas Corp.
BUSINESS
June 1, 1991
USX Corp.'s top steel executive, Thomas Graham, who was credited with transforming the United States Steel division from an ailing company to a domestic steel leader, retired Friday. In a surprise, the company said it will not be naming a successor immediately. Graham, 64, had been vice president of steel and diversified products for USX since 1983. His departure leaves Thomas Usher, president of U.S.
BUSINESS
May 15, 1991 | DONALD WOUTAT, TIMES STAFF WRITER
Financier Carl C. Icahn apparently sold his $1-billion stake in USX Corp. on Tuesday, settling for a far lower price than he once predicted the shares would bring. The sale ends a stormy relationship between the oil and steel company and the corporate raider that began in 1986 and culminated last week when USX shareholders approved a restructured stock setup that Icahn had endorsed. Icahn couldn't be reached to confirm his sale of 33.9 million shares of USX-Marathon stock and another 6.
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