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47-624: In 1927, Cyrus S. Eaton acquired and combined Republic with several other small steel companies, with the goal of becoming large enough to rival U.S. Steel . The newly named Republic Steel Corporation was headquartered in Cleveland , Ohio , and became America's third largest steel company, trailing only U.S. Steel and Bethlehem Steel after acquiring Bourne-Fuller Company and the Central Alloy Steel Company (located in Massillon, Ohio ) in

94-514: A Hilton Garden Inn hotel on the building's lower floors, while the upper floors were made into residential apartments. With reference to the building's history and previous tenants, the apartments were dubbed the LTV Tower Apartments. The building's new owners used the letters of the name to create a promotional tagline for the property: "Love The View". LTV spent its later years in Dallas in

141-423: A hostile takeover . The new company became Ling-Temco-Vought . With low interest rates allowing the company to borrow huge sums, Ling built one of the major 1960s conglomerates. As long as the target company's earnings exceeded the interest on the loan (or corporate bond ), or the company's price/earnings ratio was less than that of Ling-Temco-Vought's stock, the conglomerate became more profitable overall. Given

188-582: A 600-room hotel, a 2,000-seat conference centre, numerous restaurants, apartments for foreigners, and an office complex. In early 1969, Armand Hammer obtained control of Tower International through which Hammer would have a controlling majority stake in Tower International in exchange for Hammer's Occidental Petroleum assuming the debts of Tower International and Eaton receiving 45% of any profits from Tower International's future projects. In July 1972, Armand Hammer's financial wizard Dorman Commons, who

235-633: A Baptist-affiliated prep school in Woodstock, Ontario . Later he enrolled at McMaster University , a Baptist university, then located in Toronto , where he studied philosophy and finance, intending to enter the Baptist ministry. He earned his bachelor of arts degree in 1905 with a major in philosophy. After graduating from McMaster he moved to Cleveland and went to work for the East Ohio Gas Company. This

282-404: A Republic Steel board member and executive advisor, said Grupo Simec exhausted all other options before deciding to idle operations. “We’re facing an extremely challenging SBQ market in the U.S., with competitive market pricing and decreased demand," he said in a prepared statement. "At the same time, we’ve had to deal with increasing input costs on all raw materials, consumables, and labor, all as

329-512: A military aircraft manufacturer. Following the war, Girdler left Consolidated to run Republic's aviation department. Republic Steel was known for its labor problems during the Depression. On Memorial Day , May 26, 1937, a strike escalated into the Memorial Day massacre of 1937 , in which Chicago police fired into an unarmed group of protesters, and killed ten, four outright. This was documented by

376-541: A private attorney who worked on the merger that formed Republic Steel was hired in 1936 to form Republic's internal legal department. As general counsel in the 1930s and 1940s, he negotiated with workers on behalf of management during the steel strikes. He went on to become president, then chief executive and chairman. Republic Steel built a steel rolling mill in 1958 in Cotorro, Cuba . Plant manager Ernest Breedlove fled Cuba with his new Cuban bride when Fidel Castro confiscated

423-627: A result of the inflationary environment in the U.S. over the past year.” Grupo Simec stated that U.S. customers will be served without interruption by its steel mill in Tlaxcala, Mexico. Grupo Simec said that the company invested $ 10 million in the Canton facility over the past several years to comply with environmental regulations, particularly the National Ambient Air Quality Standards for lead. "Although Republic Steel has, for

470-474: A small general store and the district post office. Cyrus's uncle was Charles Aubrey Eaton who led a Cleveland congregation that included Mr. and Mrs. John D. Rockefeller Sr. who Cyrus Eaton met in 1901 when he was 17 and later became his protégé after Rockefeller hired the young Eaton to be a messenger in Rockefeller's private telegraph room. Eaton left Nova Scotia in 1899 to attend Woodstock College ,

517-753: Is the subject of Carol Moore-Ede 's 1977 documentary film The Prophet from Pugwash . LTV Corporation Ling-Temco-Vought ( LTV ) was a large American conglomerate which existed from 1961 to 2001. At its peak, it was involved in aerospace , airlines , electronics , steel manufacturing , sporting goods , meat packing , car rentals , and pharmaceuticals , among other businesses. It began in 1947 as Ling Electric Company , later named Ling-Temco-Vought , followed by LTV Corporation and eventually LTV Steel until its end in 2001. In 1947, entrepreneur James Ling founded an electrical-contracting business, Ling Electric Company, in Dallas , Texas. He lived in

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564-550: The American Stock Exchange . In 1968, Ling-Temco-Vought added Greatamerica Corporation, Troy Post 's holding company for Braniff International Airways and National Car Rental , and J & L Steel . In addition, it acquired resorts in Acapulco and Guerrero, Mexico , and Steamboat Springs, Colorado . By 1969, LTV had purchased 33 companies, employed 29,000 workers, and offered 15,000 separate products and services, and

611-619: The Chesapeake and Ohio Railway , and also board chairman of the West Kentucky Coal Co. (1953). Eaton married twice. First, in 1907, Margaret House (1887-1956); then Anne Kinder Jones (1922-1992) in 1957. He had seven children: Margaret Grace, Mary Adelle, Elizabeth Ann, Anna Bishop, Cyrus S. Jr., Augusta Farlee, and MacPherson. To effect the trading of sheet metal from Eaton's Republic Steel in Cleveland for chrome ore primarily from

658-737: The International Steel Group . Some of the railroad subsidiaries – Chicago Short Line Railway , Cuyahoga Valley Railway , and River Terminal Railway – went to ISG Railways , while the Ohio Central Railroad System acquired Aliquippa and Southern Railroad and Mahoning Valley Railway . The former Monongahela Connecting Railroad is now operated by the Allegheny Valley Railroad . In 2002, Lombard Metals Corp, located in Bala Cynwyd, Pennsylvania , purchased all

705-831: The Kazakh SSR in the Soviet Union in 1954 during the United States' McCarthyism era, Eaton's son Cyrus Eaton Jr., established the Canadian firm Tower International in Montreal because direct trade between the US and the Soviet Union was unthinkable. In the early 1960s, Tower International proposed building numerous buildings in central Moscow including four skyscrapers which would house Moscow's International Trade Center, an eighteen hole golf course,

752-560: The LTV Corporation , with the new entity being known as LTV Steel. An employee stock ownership plan bought LTV's steel bar division and renamed it Republic Engineered Steels in 1989. In 1998, Republic Engineered Steels merged with Bar Technologies to become Republic Technologies International. Republic Engineered Products was established in December 2003 with the purchase of operating assets from Republic Engineered Products LLC. In July 2005 RES

799-524: The Soviet Union that was signed by Hammer in April 1973 in which the Hammer controlled firms Occidental Petroleum and Tower International would export to the Soviet Union, and later Russia, phosphate , which Occidental mined in northern Florida, in return for the Soviet Union, and later Russia, exporting to Hammer's firms natural gas that would be converted into ammonia , potash , and urea . This fertilizer deal

846-608: The 1930s. In April 1937 Republic acquired all assets and debts of the Gulf States Steel Company for 2+1/3 shares of Republic stock for each share of Gulf Steel stock. This was the first time Republic controlled steel making and rolling facilities in the South in its new Gulf State district in Gadsden, Alabama , to complement its mine and pig iron production facilities in the company's Birmingham district . Tom M. Girdler became

893-534: The 1937 short film Republic Steel Strike Riot Newsreel Footage . Girdler never signed the labor contract. When Girdler retired in 1945, Charles M. White was named chairman of the company. White was a protégé of Girdler's at Jones & Laughlin Steel, and was appointed assistant vice president in charge of operations at Republic Steel in May 1930. Five years later, when Girdler was appointed president of Republic Steel, White

940-918: The 1984 merger of the Jones and Laughlin Steel Company subsidiary with Republic Steel Corporation , the company continued to exist primarily as a steel producer, renaming itself LTV Steel , and moved its headquarters to Cleveland, Ohio , in 1993. LTV did not leave Chapter 11 bankruptcy protection until June 28, 1993, in what was described in 1999 as one of the longest and most complicated bankruptcies in US history. In 1999, LTV acquired Pittsburgh -based Copperweld Corporation from Imétal S.A. of France. LTV Steel filed for Chapter 11 bankruptcy protection , on December 29, 2000. The company subsequently dissolved on December 18, 2001. Its assets were acquired in February 2002 by Wilbur Ross and merged with Weirton Steel to form

987-639: The Manitoba government was sufficiently impressed to allow Eaton to retain the franchises. Eaton formed a new holding company, the Canada Gas & Electric Corp, later consolidated into the Continental Gas & Electric Corp. in 1913. After spending several years travelling, Eaton settled in Cleveland in 1913 and became active in many businesses. Eaton joined the Otis & Co. banking firm in 1916. In 1926 he established

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1034-514: The dangers posed by nuclear weapons and called for world leaders to seek peaceful resolutions to international conflict. The signatories included eleven preeminent intellectuals and scientists , including Albert Einstein , who signed it just days before his death on April 18, 1955. A few days after the release, philanthropist Eaton offered to sponsor a conference (called for in the manifesto) in Pugwash, Nova Scotia , Eaton's birthplace. This conference

1081-722: The doors of St. Bartholmus Church in Blandford and 12 acres (4.9 hectares) of land in Northfield, Ohio , for the Lee Eaton Elementary School, named in memory of his daughter. He was also a financial supporter of McMaster University, the YWCA , the Cleveland Museum of Natural History and Case Western Reserve University . Upon his death in 1979, his Blandford estate was purchased by a group of businessmen from Germany. His summer home

1128-649: The facilities run by Republic. In August 2023, Republic Steel has announced it will "indefinitely idle" steelmaking operations in Canton and Lackawanna, New York, ending leaded steel production in the United States. About 500 steelworkers will be furloughed indefinitely, owner Grupo Simec said Thursday. Republic Steel, which is headquartered in Canton, is a subsidiary of the Mexican company. They are leading suppliers of special bar quality steel (SBQ) and the only producers of leaded steel in North America. Jaime Vigil,

1175-455: The fairly unsophisticated stock research of the era, the company appeared to be growing without bound, and its share price rose. In 1964, Ling turned Ling-Temco-Vought into a holding company and established three public companies as subsidiaries , LTV Aerospace, LTV Ling Altec, and LTV Electrosystems. LTV Aerospace received assets for Vought and a large part of Temco Aircraft. LTV Ling Altec contained Altec Electronics and other properties, and

1222-518: The first Pugwash Conferences on World Peace, in 1957. He wrote numerous articles and essays on political and economic subjects—"Investment Banking: Competition or Decadence?", "Rationalism Versus Rockefeller", and "A Capitalist Looks at Labour" being some of the best known. Eaton was born on December 27, 1883, on a farm near the village of Pugwash in Cumberland County, Nova Scotia , Canada. Besides farming, his father, Joseph Howe Eaton, ran

1269-400: The first chairman of the board of directors . Eaton hired Girdler from Jones and Laughlin Steel Company , where he had served as president. Girdler modernized Republic Steel with the introduction of better alloys such as "light steel". During World War II , while still chairman of Republic Steel, Girdler relocated to California to serve as chief executive officer of Consolidated Aircraft ,

1316-486: The investment vehicle Continental Shares, Inc., a closed end trust. In 1927 he formed Republic Steel , the 3rd-largest U.S. steel company. His business had a complex structure which some felt to be too highly leveraged. His 1929 wealth was an estimated $ 100 million, most of which was lost in the Great Depression. Eaton rebuilt his fortune in the 1940s and 1950s, becoming a director (1943), then board chairman (1954), of

1363-595: The move is the only way to reliably supply steel products at a competitive price point. He thanked the U.S. steelworkers for their contributions. "Republic Steel employees are hard-working and dedicated," he said in the prepared statement. "Their roots date back to the late 1800s. They’re an important reason this company has been a leader in this industry for so long." https://www.cantonrep.com/story/business/2023/08/10/republic-steel-to-idle-steelmaking-in-canton-lackawanna/70570027007/ Cyrus S. Eaton Cyrus Stephen Eaton Sr. (December 27, 1883 – May 9, 1979)

1410-419: The outside inventory totaling 224,000,000 lb of steel from 58 locations throughout the country. A new office building was built at 1600 Pacific Avenue in downtown Dallas to house the operations of LTV, as well as a bank and other offices. The building opened in 1964. After LTV departed its offices there in the 1980s, the building went to other owners and various tenants before being repurposed in 2015 with

1457-457: The past two years, remained in strict compliance with the National Ambient Air Quality Standards for the production of leaded steel, ensuring future environmental compliance while producing steel in facilities that are up to 125 years old proved to be too challenging," according to the company's announcement. "As a result, Grupo Simec felt it would be most environmentally responsible to do so at its new, state-of-the-art mill in Tlaxcala." Vigil said

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1504-644: The plant and shipped the newly installed machinery to the Soviet Union . Breedlove built another modern plant for Compania Fundidora de Fierro y Acero de Monterrey, S. A. in Monterrey Mexico and later pioneered the mini-mill concept at Nucor Steel . Republic Steel was one of the last major steel firms to use low-phosphorus Adirondack magnetites , operating the Chateaugay Ore & Iron Company in Lyon Mountain, New York from 1939 to 1967. The Chateaugay mine

1551-630: The rear of the shop. After incorporating and taking the company public in 1955, Ling found innovative ways to market the stock, including selling door-to-door and from a booth at the State Fair of Texas . In 1956, Ling bought L.M. Electronics, and in 1959, added Altec Electronics , a maker of stereo systems and speakers. In 1960, Ling merged the company with Temco Aircraft , best known for its missile work. In 1961, using additional funding from insurance businessman Troy Post and Texas oil baron David Harold Byrd , they acquired Chance Vought aerospace in

1598-472: The rest went to LTV Electrosystems. The intention was to make the sum of the parts appear to be worth more than the whole. Ling used this technique to raise capital and buy more companies. Portions of LTV Electrosystems were later spun off to E-Systems , then part of Raytheon IIS, and since 2002, part of L-3 Communications -Integrated Systems (L-3/IS). In 1965, Ling added the wire and cable company Okonite . In 1967, they took over Wilson and Company , which

1645-688: Was a Canadian-American investment banker, businessman and philanthropist, with a career that spanned 70 years. For decades Eaton was one of the most powerful financiers in the American Midwest, and he was a colourful and often-controversial figure. He was chiefly known for his longevity in business, for his opposition to the dominance of eastern financiers in the America of his day, for his occasionally ruthless financial manipulations, for his passion for world peace and for his outspoken criticism of United States Cold War policy. He funded and helped organize

1692-623: Was acquired by Industrias CH, S.A de C.V. (ICH). In September 2011 RES changed its name to Republic Steel. In April 2014, the company agreed to pay a $ 2.4 million fine to the Occupational Safety and Health Administration (OSHA) and agreed to "settle alleged health and safety violations" at four Republic Steel facilities—in Canton, Lorain and Massillon in Ohio, and in Blasdell, New York. OSHA said they found over 100 violations of health and safety at

1739-773: Was destroyed in a fire in 2015. Eaton's 1950s efforts at rapprochement with the Soviet Union won him the 1960 Lenin Peace Prize . He was elected a fellow of the American Academy of Arts and Sciences in 1958, and was the recipient of an honorary degree from Bowling Green State University in 1969. The Pugwash Conferences and their chairman, Joseph Rotblat , were awarded the Nobel Peace Prize in 1995. Eaton died on May 9, 1979, at his home, Acadia Farm, in Northfield, Ohio. He had his ashes buried in Blandford, Nova Scotia. He

1786-600: Was filed that year. Eventually, the board of directors demoted James Ling in 1970, and he left the company, to be replaced by former Ling-Temco-Vought executive Paul Thayer . As part of a 1971 antitrust settlement, the company sold its Braniff and Okonite components, and Thayer changed the company name from Ling-Temco-Vought to LTV Corporation . Thayer was succeeded by former Xerox executive Raymond Hay. In July 1986, LTV Corporation filed for Chapter 11 bankruptcy protection . With $ 6.14 billion ($ 17.1 billion today) in total assets and $ 4.59 billion in debt, it

1833-510: Was one of many businesses associated with John D. Rockefeller . After working with East Ohio Gas and Rockefeller for two years, he established his own business in 1907, developing gas utilities which at the time were relatively underdeveloped and unconsolidated in Canada. He managed to secure natural-gas franchises in Manitoba, Canada, representing a group of New York investors. The syndicate was unable to complete its financing and went defunct. However,

1880-436: Was one of the 40 biggest industrial corporations. Ling-Temco-Vought had a combined sales of $ 3.6 billion in 1969 ($ 29.9 billion today), but investors found that the conglomerates were not growing any faster than the individual companies had before they were bought out. Share prices plummeted, sparking a bear market , and a general feeling arose that conglomerates were to blame for the market woes. An antitrust lawsuit

1927-403: Was one of the deepest commercial iron ore mines in the United States, with stopes as much as 3,500 feet (1,050 m) below the surface. Republic Steel remained prosperous until the 1970s, when rising foreign imports, labor costs, and other factors caused severe stress at Republic and throughout the steel industry in the U.S. In 1984, Republic merged into the Jones and Laughlin Steel subsidiary of

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1974-400: Was promoted to take over Girdler's role as vice president of operations. In 1945, White was elected president of Republic Steel by the company's board of directors. He replaced Rufus Wysor, who retired. In 1960, at the age of 70, Charles M. White retired as chairman of Republic Steel. He remained on the board of directors until 1966, and was given the title of honorary chairman. Thomas Patton,

2021-595: Was the chief financial officer at Occidental Petroleum in Los Angeles, estimated that the Moscow International Trade Center project would cost $ 100 million and would be a complete flop if détente failed. On July 31, 1972, Commons voiced his thoughts with Hammer after which Hammer fired Commons effective August 1, 1972. During détente in July 1972, Armand Hammer negotiated a 20-year agreement with Brezhnev of

2068-470: Was the largest bankruptcy in US history to that point. The company went into a series of divestitures , most notably the entire LTV Aerospace division; the aerospace component retained the legacy Vought name as the independent Vought Corporation, while the missile component later became part of Loral Corporation and later became the Lockheed Martin Missiles and Fire Control division. After

2115-800: Was to be the first of the Pugwash Conferences on Science and World Affairs , held in July 1957. Besides financial support for the Pugwash Conferences, Eaton provided funds to support education in Nova Scotia, particularly in Pugwash and to Acadia University . He supported the establishment of a game sanctuary in Nova Scotia on the Aspotogan Peninsula (his summer home was in Blandford, Nova Scotia where he had his ashes buried). He donated money for

2162-649: Was to continue until Hammer's 100th birthday in 1998. JaxPort at the Port of Jacksonville in Jacksonville, Florida , was the United States port through which this trade occurred. In 1920, Eaton founded the Cleveland Museum of Natural History . The Russell–Einstein Manifesto was issued in London on July 9, 1955, by Bertrand Russell in the midst of the Cold War . It highlighted

2209-464: Was twice the size of Ling-Temco-Vought. Wilson was a diverse company involved in meat packing, sporting goods, and pharmaceuticals. Wilson's president Roscoe Haynie was not aware of the takeover scheme until two weeks before the takeover was complete. Ling later split Wilson into three parts (meat packing, sporting goods ( Wilson Sporting Goods ), and pharmaceuticals ( Wilson Pharmaceutical and Chemical ), and spun them off into separate companies traded on

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