Word: alcoa
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...Aluminum Co. of America announced that it has commissioned Manhattan's George G. Sharp & Co. to design a 7,780-ton, all-aluminum vessel; Manhattan's Gibbs & Cox, Inc., who designed the Liberty ships, will draw plans for a 10,280 tonner. Alcoa will build the one it likes, use it to haul bauxite from its mines in Moengo and Paranam, Dutch Guiana, to the U.S. for processing. But the primary purpose is to open up a vast new market for aluminum. Alcoa already has its foot in this door...
Symington intimated that such a program was necessary because Alcoa was the only company which could or would buy some of the $700,000,000 worth of U.S. owned aluminum plants; everyone else was afraid they could not get bauxite, could not buck Alcoa in the retail market, etc. There had been only two specific offers to date-from Reynolds Metals and Columbia Metals-to lease the plants. But the companies would lease them for five years on one condition: that the Government guarantee the market for aluminum, i.e., buy up and stockpile all aluminum the companies could not sell...
...most vocal case against subsidies came from Alcoa. I. W. Wilson, Alcoa's white-haired, bespectacled vice president, told a Senate Committee: a calculating, subsidized lessee would "spend money with abandon to capture customers and markets and to create a sales organization which would be useful to him when he purchased the plant, sell below cost, drive Alcoa . . . to the wall, and capture customers for later use. The more he spent during the period of the lease, the better. The Reconstruction Finance Corp. pays the bills...
Then Wilson gave Alcoa's solution. It offered to buy or lease the Government's Hurricane Creek, Ark., biggest U.S. alumina plant, make and sell alumina (raw material for aluminum) to anyone who wanted it at a price, which the Government would...
...Alcoa, already defendant in an antitrust suit (in which final decision was postponed until the problem of the DPC plants is settled), had a quick reply. It called the whole business a plan to subsidize operators of U.S.-owned aluminum plants. There is no reason, said Alcoa, why "Government-owned plants cannot be successfully operated if they are efficiently managed." But few outside of Alcoa shared Alcoa's optimism. Olin Industries has already shut down the DPC plant it operated, made no offer to buy. Reynolds Metals is dickering with the Surplus Property Board to lease some plants...