Graham Appointed CEO of Armco Steel

Armco Steel Co. said Monday that it has named Thomas C. Graham as president and chief executive and said it hopes he can make the company profitable.

Graham, 65, a veteran steel executive, succeeds James McGlone, who is retiring after 42 years with Armco.

The company, a 50-50 joint venture of Armco Inc. and Kawasaki Steel Corp., makes flat-rolled steel at plants that employ 8,900 in Middletown, Ohio, and Ashland, Ky.

The joint venture, formed in 1989, lost about $240 million in 1991 and about $35 million in the first quarter.

“While important steps have been taken recently to turn this business around, we are anxious to accelerate this process,” said Robert L. Purdum, chairman and CEO of Armco Inc.

Graham is the former chairman and CEO of Washington Steel Corp., where the assignment he accepted in July, 1991, was completed in April with the sale of the company to Lukens Inc.

Previously, he was vice chairman of the steel and diversified group at USX Corp. He joined USX in 1983 after serving as president and CEO of LTV Steel Co.