Word: fontana
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...through his family's investment and operating company, Henry J. Kaiser Co., Kaiser holds 100% control of Kaiser Steel Corp., which owns the big $123 million Fontana steel plant, his biggest moneymaker. The next best moneymaker, Kaiser Aluminum & Chemical Corp., is controlled (49.7%) by the Henry J. Kaiser Co. and another investment company, Kaiser Industries, Inc. Between them they also control four other profitable companies: Permanente Cement Co., with a 30.4% stock interest; Kaiser Metal Products Inc. (55%), Kaiser Community Homes (50%), and Consolidated Builders Inc. (22.5%). On the other hand, the two companies own only 9.5% interest...
When the new $44.4 million credit is drawn on, Henry Kaiser's various enterprises, according to his books, will owe the Government $186.6 million. He still owes $88.2 million on his Fontana, Calif, steel plant and $54 million on Permanente Metals, Willow Run and the Ironton (Utah) blast furnace. To date, Kaiser has paid off a total of $70.1 million on Government loans and credits, and he has paid another $41 million to the U.S. in rents and interest. Kaiser said he has also poured $108 million in earnings and private loans into improving and expanding his plants...
...even some price cuts. The first postwar dip in the price of zinc (from 17½? to 16? a Ib.) was quickly passed on with lower prices on galvanized steel products. What few premium prices remained were gradually being dropped. Henry Kaiser cut the price of steel from his Fontana, Calif, plant $10 to $39 a ton, thereby wiping out increases made last August...
Even New Dealing, rebellious Henry Kaiser, who believes in maximum expansion (he is currently spending upwards of $45 million on Fontana alone), agreed with other steelmen that the key to more expansion is the quicker-or more realistic-write-off of its cost. In lieu of that, Kaiser has adopted his own harsh substitute. He raised the price of his Fontana steel $30 a ton to apply against the Government debt on his plant...
Henry Expands. Busily adding to his empire, Henry Kaiser announced a big deal to expand his Fontana steel mill. As usual, it was somewhat complicated. In return for $60 million worth of Fontana steel, the Transcontinental Gas Pipeline Co. (which plans an 1,840-mile natural-gas pipeline from Texas to New York) will help Kaiser finance a $17-million blast furnace to double Fontana's 1,200-ton daily capacity of pig iron...