Word: alcoa
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...Barnes, his Antitrust Division will start new suits. He has already started some. In July he began a new prosecution against Aluminum Co. of America, whose onetime monopoly had been declared ended after one of the most protracted suits on record (TIME, June 12, 1950). The complaint charged that Alcoa's contract to import 600,000 tons of Canadian aluminum from its divorced ex-subsidiary, Aluminium Ltd. of Canada, was an attempt to bring the two together in a new monopoly. When gasoline and fuel oil prices rose two months ago, Barnes sent FBI agents around to check into...
Attorney General Herbert Brownell last week reopened the Government's old monopoly case against Aluminum Company of America. He asked New York's federal southern district court to cancel a contract Alcoa made last May with Aluminium Ltd. of Canada, under which Alcoa would buy 600,000 tons of aluminum over the next six years. The contract, argued Brownell, not only violated a 1950 court decision which severed all connection between Alcoa and Alcan, but it would keep new companies from going into the aluminum business because they could not hope to meet Alcan's low price...
Brownell's argument was none too solid. Further expansion of U.S. aluminum production had bogged down long before the Alcoa-Alcan deal. It raised a basic question: Must the U.S. have more competition in the aluminum industry even if it means more expensive aluminum...
After earmarking 60% of their production for defense and Government stock piling, aluminum's Big Three in the U.S. (Alcoa, Reynolds, Kaiser) cannot meet booming U.S. civilian demand. No foreign competitor knows this better than Canada's Aluminium Ltd., world's biggest producer of primary aluminum ingot. Its salesmen have been calling on the Big Three. Last week, Aluminium Ltd. closed deals with Alcoa and Kaiser to supply them with a whopping 713,000 metric tons of aluminum during the next five years. Price: more than $300 million...
...same pattern held true in many other industries. In aluminum, Alcoa's $13,300,000 profit was a 13% gain, but fast-expanding Reynolds Metals' $7,000,000 was a 111% gain. Neither the biggest steel nor the biggest auto companies have yet reported, but in both industries smaller companies showed big gains. Specialty-steelmaker Allegheny Ludlum had a 44% increase (to $2,000,000), and Sharon Steel's $2,000,000 was a 49% gain. (But middle-sized Armco showed a 3% drop.) In autos, Packard was way ahead of last year (see below), and Nash...