Down And Dirty In The Steel Belt

Thomas J. Usher, president of U.S. Steel, was talking to his secretary on the afternoon of May 31 when the first fax arrived. It relayed a one-line resignation from V. John Goodwin, manager of the company's most important plant, U.S. Steel's Gary (Ind.) works. Stunned, Usher asked his secretary to get him the No.2 at Gary, David L. Peterson. But while she was hunting for him, a second fax arrived--with Peterson's resignation. On it went, with Nos.3 and 4. By the next day, a fighting-mad Usher had seen the entire five-man leadership at Gary--plus a sixth recently retired manager--defect to Japanese-owned National Steel Corp.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.