Steel merger

Press, 3 October 1983, Page 30

Steel merger

The LTV Corporation says it is merging with Republic Steel Corporation, creating the second largest steel manufacturer in the United States. The LTV chairman, Mr Raymond A. Hay, said Republic would be merged with LTV’s Jones and Laughlin unit to create a new subsidiary to be known as LTV Steel. In the first half of 1983 Republic Steel lost more than SUSBOM and LTV almost SI4OM. Their combined revenues during this period totalled more than $3 billion. Aust, inflation Australia’s inflation for the year to the end of June is expected to fall to about 7.5 per cent from its present levels of 11.5 per cent, the Commonwealth Banking Corporation says in its October economic newsletter. The bank said the major reason for the expected lower rate was a substantial moderation in wages growth since the end of 1982. Another factor would be the introduction of Medicare in February. “This modification -to the method of financing health care will reduce the consumer price index (C.P.1.) by 2.5 to 3.0 percentage points in the second half of the financial year,” the bank said. Murdoch buy Rupert Murdoch, the Australian publisher, has bought about a million shares of Warner Communications stock, Wall Street sources say. Discouraging speculation that the purchase, representing about 1.6 per cent of the entertainment company’s stock, might be the beginning of a takeover, these sources said that Mr Murdoch had bought the stock as an investment. Asked whether he might attempt to take over the company, the Dow Jones News Service quoted Mr Murdoch as replying, “No, it’s too big for me.’’ Mining profit The mining and investment group, North Broken Hill Holdings, Ltd, has lifted its annual profit 86 per cent to sAust32.2s million with higher returns from the associate company, E.Z. Industries, and a sixmonth contribution from wholly owned subsidiary Australian Pulp and Paper Mills. North B.H. directors said mining operations also returned to profitability in the year to June 30 with a $2.59M profit compared to a $5.40M loss in .1981/82. A 220 per cent jump in annual profit by E.Z. Industries to $29.2M had a strong effect on the latest increase. North Broken Hill Holdings owns a third of E.Z. Industries.