Word: ingot
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After two discouraging years he found in Pittsburgh a backer named Alfred E. Hunt. Together they started Pittsburgh Reduction Co.. which later became the Mellon-controlled Aluminum Co. of America. The first run in their crude little shop produced an aluminum ingot the size and shape of a pancake...
Last week in the fifth round of its long and litigious effort to tag Aluminum Co. of America as a monopoly, Baush Machine Tool Co. received a sharp and sudden jolt. Most aluminum fabricators can use scrap but the chemistry of the Baush product requires pure ingot aluminum, which the company has to buy abroad (over a 4¢ per Ib. tariff) or from Aluminum Co. of America, sole domestic source. The Baush management regards Aluminum as an unfair enterprise. Aluminum's opinion of Baush was summed up by an Aluminum lawyer who, noting the company's succession of deficits, remarked...
Last week Inland Steel celebrated its 50% rise in earning with a 25? extra dividend in addition to its regular 50? dividend. Typical of hustling steelmakers who in the last 15 years have whittled U. S. Steel's share of the nation's ingot capacity down from 45% to less than 40%, Inland Steel has doubled its own ingot capacity since 1925. Last year it completed a four-year program of diversification by building a tin-plate mill. Its sales and profits this year came chiefly from sheet and strip steel...
Even with its $156,000,000 in assets National Steel is small as U. S. steel companies go. Its ingot capacity is less than one-tenth that of sprawling U. S. Steel Corp. Yet National was a Depression star, having made money in every year since it was born 30 days after the 1929 Crash. In the first quarter of this year, when eleven of the 15 leading steelmakers were in the black, National led the field with profits...
Last week NRA released a steel study showing that U. S. steel now owns less than 40% of the nation's ingot capacity as against 45% 15 years ago. Its capacity was expanded 21% in that period but additions to other companies ranged from 49% for Bethlehem to 890% for Otis Steel. Some of the individual gains were the result of mergers but fact remains that smaller, more flexible units have the advantage over brontosaurian U. S. Steel...