Word: fontana
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...Salt Lake City to discuss the postwar fate of Western steel. In letting out the news, Fairless gave them a surprising new item to chew over. Big Steel, he said, is also ready to dicker with DPC to buy or lease the $110,000,000 steel plant at Fontana, Calif., built and operated by Shipbuilder Henry J. Kaiser...
Hands Off Fontana. This pass at Fontana made Henry Kaiser roar. Fontana has long been the apple of his eye. He built it in 1942 despite all that the War Production Board could do to stop him, now looks on it as the keystone of a Kaiser postwar empire. Said he: "Fontana is not and will not be for sale." Kaiser repeated an old promise. He plans to operate Fontana himself after the war, would sink another $37,000,000 into Fontana to convert it to peacetime steelmaking...
Henry Kaiser added that furthermore, he and not DPC, owns Fontana, even if the Reconstruction Finance Corp. holds a $110,000,000 mortgage. Although RFC lent him the cash to build the plant, it cannot take over unless he stops paying it back. This he does not intend...
Through a canny deal with RFC, Kaiser now takes the profits from some of his shipyards and applies them on his Fontana loan. If he could not use it this way, most of the money would probably go to the Government anyhow in excess-profits taxes. He has already paid off $7,500,000 has another $8,000,000 set aside to pay. The balance is still big. But he warned Big Steel that he is in Western steelmaking to stay. As a matter of fact, said Henry Kaiser, his men are now inspecting Geneva. He may buy that...
...When the turbines arrived he devised a brand-new method to install them through the ship's sides. Another timesaver: giant "bathtubs" at Maywood give Navy self-propelled landing boats complete dock trials, uncover bugs within handy reach of a wrench. A third trick: when Kaiser's Fontana steel plant needed a blast furnace in a hurry, Alden Roach built him one (Consolidated had never touched furnaces before...