Waterloo At USX: Carl Icahn meets his match

Carl Icahn meets his match

For most corporate managers, the very mention of Carl Icahn's name is enough to cause shudders. But USX Chairman David Roderick may be tougher than most. Last week, after a three-month battle to gain control of the largest U.S. steelmaker, Icahn abruptly gave up, outmaneuvered by Roderick. The corporate raider and TWA chairman had been unable to raise the $10.5 billion needed to capture the company. Says Joachim Schnabel, investment officer for the College Retirement Equities Fund, which holds more than 2 million USX shares: "You have to credit USX management for not caving in."

It would have been easy enough...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!