Word: ingot
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BIGGEST STEEL PLANT for South is planned by Jones & Laughlin Steel Corp. The $250 million plant near Houston will have capacity of 1,000,000 ingot tons. If J. & L. can get Government fast tax write-off for plant, project will probably start late this year...
...dividends to 62½? per share on record first-quarter earnings of $2.09 per share, with the rest going into expansion. Expansion beyond the next few years will be even tougher for steelmakers. Entirely new plants must be built from the ground up, at as much as $350 per ingot ton. v. $100 to $200 per ingot ton for expansion in existing plants...
...meet growing demand, said he, the steel industry must expand its 128-million-ton ingot capacity by about 18.5 million tons in the next five years, at a cost of $3.4 billion. The only way to get enough cash, said he, is by a big boost in steel prices...
...financing of needed expansion "simply cannot be done on the present earnings basis," the veteran steelmaster warned the New York Society of Security Analysts. Steel companies put a value of $60 per ton of ingot capacity on their books, while the market price of steel common stocks reflects a value of $78. This is far less than the cost of reproduction, which he estimates at $187 a ton, yet "it is on these bases of value that the steel industry is now showing its earnings and paying its dividends." Citing National Steel's own 1,000,000-ton expansion...
...Jones & Laughlin Steel Corp. (No. 4) planned to add $115 million to the $135 million already earmarked for growth, eventually boost its ingot capacity from 6,200,000 tons a year...