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Show Orem-Geneva Times- -Wftdnptday, August 8. 1984 City Studies Retirement PlDtoSfeGtelWlDVl Local Man To Represent Small Business on Council Rrtrru AArWilltnmt sni US Steel Shows Profit Ie 1984 Second Quarter U. S. Steel Corporation earned a profit of $140 million, or $1.04 per common share, on sales of $4.9 billion in the second quarter of 1984, Board Chairman David M. Roderick announced an-nounced today. This compares with a loss of $112 million, or $1.25 per common com-mon share, on sales of $4.4 billion in the second quarter of 1983. Operating income totaled $472 million in the second quarter of 1984, an increase of $306 million over the comparable period last year. All segments showed an improvement over the same quarter last year. Financial results for the second quarter of 1984 include $27 million (net of income tax) of extraor-dianary extraor-dianary gain related to the early repurchase of debt. Steel and related resources generated operating income of $84 million on $1.8 billion of sales in the second quarter of 1984, compared with a loss of $130 million on sales of $1.5 billion in the second quarter of 1983. "Second quarter operating . results for steel and related resources resour-ces are the segment's best since the third quarter of 1981," said Mr. Roderick. "Steel product shipments were up 23 percent over the second, quarter of last year with the greatest increases in sheet and tubular pro-; pro-; ducts. The corporation's continuing ef-; ef-; forts to improve efficiency and reduce costs also contributed to this ' segment's improved operating . results." Mr. Roderick continued: "The favorable effects of these efforts, however, are being diminished by the intolerable level of steel that is being imported into the U.S. market. During the first half of 1984, more than 12 million tons of foreign steel entered our ports, accounting for over 24 percent of the apparent domestic supply. Imports from government-owned or subsidized Third World steel producers have increased in-creased by over 90 percent during the same period. This continuing flood of government subsidized or produced steel underscores the urgent need for passage of the Fair Trade in Steel Act, which would limit the amount of imported steel to 15 percent of the domestic market for a five-year period. It is imperative that the Congress pass this legislation before it adjourns." Concerning the outlook for steel, Mr. Roderick said: "We have seen a marked decline in the level of orders for steel products in recent weeks which will result in reduced third quarter shipments and operating rates. However, we continue to project a profitable year for our steel and related resources segment." The oil and gas segment operating income, before foreign income taxes, was $347 million in the second quarter quar-ter of 1984 on slaes of $2.4 billion, compared with 1983 second quarter operating income, before foreign income in-come taxes, of $293 million on sales of $2.3 billion. Foreign Income taxes were $147 million in the second quarter quar-ter of this year compared with $156 million in the second quarter of last year. The increase in operating income in-come reflects increased equity lif COME TO THE Utah County AUGUST 14, iy4 8:00 p.m. MOUNTAIN VIEW HIGH SCHOOL 645 W. Center St., Orem, Utah nfWATTftN? CHILD: $1.50 tings of foreign crude oil and higher worldwide natural gas production. On May 31, 1984, Marathon completed com-pleted its acquisition of Husky Oil Company, a U.S. subsidiary of Husky Oil Ltd., Calgary, for a cash purchase price of $505 million. Acquisition of Husky's exploration and production activities in the Rocky Mountains, Mid-Continent, Pacific Coast and Louisiana Gulf Coast areas complements com-plements Marathon's activities in those areas. Also during the second quarter, Marathon Oil U. K., Ltd., announced a $650 million financing arrangement for a portion of its share of North Brae development expenditures. ex-penditures. First production at North Brae is scheduled for 1988 with ultimate recovery estimated at slightly over 200 million barrels of liquid hydrocarbons and 600 billion cubic feet of dry natural gas. Marathon is operator of both South Brae, which began production in July, 1983, and North Brae, with a 38 percent per-cent working interest in each of these projects. Commenting on oil and gas segment operating results, Mr. Roderick noted: "Marathon's contribution con-tribution to the overall profitability and stability of the corporation has been significant. Although the current high level of demant for petroleum products is anticipated to continue for the balance of the year, the recent weakness in domestic gasoline prices, if not reversed, may have an adverse impact on second-half second-half profitability. However, Marathon is expected to make a substantial sub-stantial contribution to operating income in-come during the remainder of 1984." The corporation's other segments segmen-ts in total generated $41 million in operating income during the second quarter of this year. Each of these segments reported improved operating results over the comparable com-parable period last year. Capital investments in the second quarter 1984 were in excess of $700 million and included the acquisition of Husky Oil Company and $200 million for capital expenditures expen-ditures for property, plant and equipment. Capital expenditures for property, plant and equipment in the oil and gas segment were $152 million and in steel and related resources segment were $36 million. Despite the high level of investment in 1984, the corporation has achieved a reduction of total debt since year-end 1983. Substantial further debt reductions reduc-tions are scheduled for the balance of the year. In summary, Mr. Roderick stated: "Corporate financial results for the second quarter are gratifying and, when combined with first quarter quar-ter 1984 results, represent a sizable accomplishment compared with the same period last year. For our steel business, continued improvement is tied to a number of factors - first, improved demand in the markets we serve, particularly the capital goods market; second, relief from the burgeoning level of imports that threatens to smother the recovery of the steel industry; and finally, continued con-tinued moderation of employment' cholarship Pageant fl SCO8CH0? MZldrfHfl costs to more competitive levels. In our oil and gas business, improved future profitability at Marathon is largely dependent on increased worldwide demand levels for petroleum products, stability in crude oil prices and continued aggressive development of our reserves." Dividend Declared Mr. Roderick also announced that the Board of Directors had declared a dividend of 25 cents per share on common stock, payable September 10, 1984, to stockholders of record at the close of business on August 10, 1984. The Directors also declared a dividend of $1,725 per share on. the adjustable rate cumulative preferred stock, payable September 28, 1984, to stockholders of record at the close of business on August 31, 1984, and dividends of $2.6875 per share on the $10.75 exchangeable ex-changeable convertible cumulative preferred stock and $3.1875 per share on the $12.75 convertible cumulative preference stock and 56.25 cents per share on the $2.25 convertible exchangeable ex-changeable cumulative preference stock, each payable September 14, 1984, to stockholders of record at the close of business on August 16, 1984. Who Funds Condo Repairs? Concerned that condominium owners may be in for big problems down the line, Orem City is pursuing legislation that will require disclosure of responsibilities for improvements im-provements and maintenance as part of sales contracts for all planned developments having common facilities. Problems come when major improvements im-provements may be needed such as a new roof-then who is responsible: the condo buyer, the condo developer or the Homeowners Association. Orem City Council studied the situation at a recent work session and plans to pursue the matter at the Utah League of Cities convention this fall. It was pointed out that there have been huge lawsuits in other parts of the country resulting from lack of understanding when buying a condo, twin-home, or other type of home in a planned development. Buyers often are not aware that they share the responsiblity with other homeowners to maintain the streets and other common facilities. This lack of understanding un-derstanding may result in poorly maintained streets, inadequate funds fun-ds for major maintenanc . projects, or requests for the City t take over care of the streets. However, the City cannot maintain care of the streets unless they are built to city standards. standar-ds. Councilmembers feel a Homeowners Association reporting system as well as disclosure at time of sale would help alleviate the problems. j WE'RE HIGH AND PHY AT SARATOGA!! j" vtzzzm - t tusmt I GIANT JACUZZI "VTX. HOT POOL f rtt-iiot L"a""""aaa lM-imf "KAMIKAZI" "i WATERSLIDE lust minutes liom Salt Lake oi froro luitjliiom Sail Lltl '!,?-0n 'lli'-ii'Jlj!?!. ' Issues When the Utah League of Cities and Towns meets in convention next fall one of the issues Orem City Will watch concerns retirement legislation S.B. 39. The bill enacted by the Legislature in the recent Budget Session established the improved im-proved retirement system for general employees. Although many of Orem's police and fire personnel per-sonnel decided to participate in the alternative retirement program, they were not given the option to keep their funds in the alternative program as the other employees were. Orem City recommends that the League adopt legislation establishing an option for police and fire personnel to retain all funds contributed con-tributed to an alternative retirement system between July 1, 1983 and June 30,1984. The council also supports the concept of 25-year retirement for general employees, and would like to maintain the current retirement porgrams for City employees. Jerry Ortiz, recreation director, also recommended to the Council that temporary employees be allowed to work a minimum of 30 hours per week on a year-round basis without being subject to payment of retirement benefits. According to Ortiz, limiting employees em-ployees to 19 hours per week creates a severe attrition situation since most temporary employees are students who wish to work more hours but are not necessarily interested in-terested in accruing retirement benefits at this point in their lives. City Manager Daryl Berlin requested City Attorney Bryce McEuen to pursue legislation on this issue. Changes Noted on Horse Show Entry Procedures It's Utah County Fair time again and everyone is looking forward to the events. The following are some additions and corrections to the Horse Hor-se Show Department that were incorrect in-correct in the Fair Book or needs to be emphasized. Please Do Not Mail entries as have been done in previous years. We would like the exhibitors to enter the horse show the day of the fair. The secretaries will be there one hour prior to the starting time of the classes with the entry forms for you to fill out. A sample card is shown below. There will be no late fees. The show committee reserves the right to examine proof of ownership, owner-ship, bill of sale, or registration papers. The Fair is for Utah County residents only. The horses must be owned and shown by county residents. residen-ts. Exhibitors in the open classes on Tuesday must have reached there 18th birthday prior to January 1, 1984 except for those classes using cattle. A parent or guardian signature is required on the entry form for youth events. It is important that all premium money be picked up after each class. No checks will be mailed out. All checks not picked up will be forfeited if not picked up by the close of the horse show on Thursday. There will be no Stake Classes or Foal Futurities. The following are all price corrections: 1. Youth events are $2.00 2. Open and Arabian Performance Performan-ce classes on Tuesday are $10.00 3. The open reining classes are $10.00 Class B-7 Western Pleasure will be judged according to AQHA rules -See Explanation listed under B-4 heading. This is open to adult riders not just amateur riders. Stalls are on a first come first serve basis. No reservations will be made. The show committee thanks you for your continued support and courtesy cour-tesy and are looking forward to a fabulous 1984 Fair. . SVilM - $5.00 per carload GOOD EVERY DAY. FREE DISCOUNT TICKETS AT PARTICIPATING 7 ELEVEN STORES. OPEN DAILY 10m-9pm 4 NATURAL WARM SPRING SWIMMING POOLS, KIDDIE RIDES, MINI GOtf, CAMPING, CAM-PING, ARCADE, GO KARTS. on 1 15 (take lehi exit) Harold R. Wing, President of Little Lit-tle Giant Industries of Provo, has been named to serve a four-year term on the Governor's Small Business Advisory Council. The council is a voluntary advisory body established by executive order in April 1981. The council was founded on the idea that much is contributed to the state's economic well being by the small businessman throughout the many communities in Utah. The council meets every other month to study existing law and proposed legislation and to make recommendations recommen-dations to the executive branch for improvement in the business regulation of the state. They also act as a forum for and a line of communication com-munication from the small business community. Wing, a native of Springville, will bring over ten years of valuable experience ex-perience to the council. He founded the Little Giant enterprise, manufacturing manufac-turing and marketing the most innovative in-novative ladder system available, in the mid 70's and built it into one of the most progressive firms in the state and in the nation. It brings support to the Utah economy through a nationwide nation-wide distribution system and contracts con-tracts with the federal government. He was instrumental in setting up the Weekly Crop Weather Summary Second crop alfalfa hay harvest , was delayed by thundershowers moving mov-ing across most of the state. Early starters were caught with about 23 percent of the hay in the swath or windrow. win-drow. Combines in the winter wheat were also halted for a time. Seventy percent was ripe and ready for the harvester. Most of the barley was headed and about 80 percent in the ripening process. Spring wheat and oats were virtually all headed-about half was beginning to ripen. Field corn was struggling, much of it was not yet in tassel and less than rem - (fktiEua utonerj (SKCI) 411700) jhi!!i .hed aich Thursduy fur $7 per year by the Orem-Geneva Time tiW .South Stale Street, Orem, Utah 84057. -' Second Class Postage Paid at Orem, Utah 84067. . POSTMASTKR: Send address changes to the Orem-Geneva Times, P. O. Box 66. Orem, Utah 84057. ""))))))))) Free Home Demonstrations Rent To Own 1 00 Financing Available Resident & Commercial 1155Westl50N.-Orem 224-2249 DRESS UP LANDS0 N.Utah County Central County So. Utah County 225-7157 374-0414 798-6334 Wanted: Sales Reps and Contractors f PECIAL OFFER During this promotion priced as low as $2.35 I per foot. Phone for a free estimate and design America Curtmoker of Central Uich I i , I ' N HAROLD R. WING Utah County Manufacturer's Council made up of interested manufacturers in the county. This council has shared the goals of the Governor's Advisory Council since its inception. Wing's four-year term on the council began July 1, 1984. He is looking forward to this opportunity to serve his fellow small business men and the citizens of the state of Utah. 60 inches high. Sweet corn and other vegetable crops were in fair to good condition. Sweet cherry harvest was virtually complete. Tart cherry harvest was gaining momentum. Range feed supplies, on ranges now in use, were considered good, with plenty of stock water available. Livestock were maintaining a good condition. con-dition. Rain in southern Utah was very much appreciated by most residents of that area. Stock water ponds were again filling and regrowth of feed should be available for winter grazing. graz-ing. 4 ...WITH BEAUTIFUL CONCRETE BORDERS SAVES HOURS OF EDGING, TRIMMING A WEEDING TIME BEAUTIFIES YOUR YARD STRONG a FUNCTIONAL FAST, CLEAN, ONE DAY INSTALLATION Let us transform your yard into a showplace. Each job will cater to your needs in your yard. Our Tradesmen can provide creative curves for flower beds, pathways, path-ways, tree and shrub wells, lawn borders, etc. - v.; I |