Word: alcoa
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Dates: during 1940-1949
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...little confusing. Six weeks ago, the Department of Justice had asked the courts to break up the Aluminum Co. of America. Last week another federal agency, the War Assets Administration, approved a deal to make Alcoa bigger. It sold to Alcoa, for $5,000,000, the Government's $19 million aluminum reduction plant at Massena...
...part of the deal, Alcoa agreed to let the rest of the industry use its alloy patents and several of its most important fabricating patents without charge. WAA thought that this put the industry on a competitive footing. But the Justice Department's trustbusters hit the ceiling...
...suit came as something of a surprise to Alcoa. In 1945, a U.S. circuit court of appeals had found that Alcoa was a prewar monopoly but withheld judgment on its postwar status until all Government-owned aluminum plants were disposed of. Alcoa shrewdly did what it could to help the U.S. get rid of them. It turned over to the Government its patents on the extraction of alumina (the raw material for aluminum) from low-grade bauxite, thus making it possible for the Government to sell and lease aluminum plants to Reynolds Metals Co. and Henry Kaiser...
While this was going on, the trustbusters, who had court permission to specify how Alcoa should be broken up-if it was still a monopoly-did nothing. Last week, just 18 months later, the trustbusters passed the buck back to the district court, asking it to specify what should be done with Alcoa...
...face of this, Alcoa's President Roy A. Hunt snapped: "Pure election-year politics." He pointed out that his competitors, Reynolds Metals and Kaiser's Permanente Metals Corp., now have 50% of the aluminum ingot market. And they are finding it profitable. Permanente, producing 20% of the U.S.'s basic aluminum, last week reported twelve-month sales of $69.6 million, a net of $9.2 million...