Word: alcoa
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Witness Reynolds told how he got RFC to make his company a loan to build two new plants (now nearly completed) which will have a capacity of 60,000 tons of primary aluminum per year and give Alcoa its first substantial competition. He also told how he arranged to buy Government power from TVA in Alabama and Bonneville Dam on the Pacific Coast (as Alcoa has now done). Alabama's Senator Lister Hill then asked: ". . . Did you get any cooperation from the Defense Commission...
...Alcoa's Davis and OPM's Edward Stettinius, on whose judgment this testimony reflected, did not testify last week. Other testimony: > A young OPM economist, Grenville R. Holden, testified that although he had no special knowledge of aluminum production, he passed on aluminum matters. He had a distinct preference for Alcoa, had a hard time explaining why an offer by Detroit's Bohn Aluminum and Brass Corp. to build new capacity was rejected. > Said the chief Alcoa witness, senior Vice President G. R. Gibbons: "No corporation in the U.S. has . . . done more [than Alcoa...
...competitor, last week told a Senate committee that he will produce aluminum for 12?-maybe 10?-when his Alabama and West Coast plants get in production. At 10? a pound, the No. 1 light metal of World War II would cost only half what it did last year, before Alcoa's three consecutive cuts brought...
...which will start reducing bauxite (aluminum ore) next week. Reynolds also is starting on a 60,000,000-lb. plant in the lumbermill town of Longview, Wash., where Bonneville will furnish power aplenty. Now Reynolds is confident that his 100,000,000-lb. output (by next July) plus Alcoa's 690,000,000 will take care of defense needs, adds: "We do not share the sudden and surprising hysteria as to an acute shortage...
...years the U. S. Government has given Reynolds a helping hand to the tune of $38,000,000, enabled him to build six new plants and establish a mining company. But Government help did not end there. Last week razor-tongued Interior Secretary Ickes turned thumbs down on Alcoa's plea for enough Bonneville power to operate a new plant in the Vancouver area. Quacked Ickes: "I am merely following the letter of the law."* But the power will go to Reynolds instead...