Control Data said it has decided not...

Control Data said it has decided not to acquire Applied Information Memories, a computer disk storage manufacturer in Milpitas, Calif. . . . Martin Marietta and Equatorial Communications said they have completed a previously reported $50-million agreement under which Martin Marietta purchased an equity position in Equatorial . . . Mary Kay Cosmetics is negotiating a $17-million contract with Denver-based BetaWest Properties for the sale and lease-back of its headquarters in Dallas . . . MCI Communications said it reached a settlement with Lincoln Telephone & Telegraph, a company that MCI had said conspired against it to restrain trade . . . The American Iron and Steel Institute reported that steel production declined to 1.579 million tons in the week ended Aug. 17, a decrease of 0.8% from the previous week.