Word: ingots
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...June 27 week, and TIME'S Index ended at 174.6 (estimated), only 0.2 point below the alltime high. Of the Index's three ingredients, freight carloadings and power production dipped slightly, but steel mills boomed ahead. Last week they turned out 1,664,600 tons of ingot, lifting June output to the highest in U.S. history. Thanks to soaring production in the past six months, shipbuilding (Naval and Merchant) is now the No. 1 user of steel, this year will use about 10,000,000 tons of plates and shapes-roughly one-sixth of the total fabricated steel...
...steel needed in shipbuilding. A 10,000-ton vessel actually weighs about 4,000 tons—the 10,000-ton figure is its carrying capacity. The 8,000,000 tons of merchant shipping the U.S. hopes to build this year will take up less than 3,500,000 tons of ingot capacity...
...Ingot production of 85,000,000 tons this year will mean only 60,000,000 tons of finished steel. WPB launched a drive last week to narrow the gap by requiring, for example, closer figuring on how big a forging is needed to mill out a desired product...
...tons a more likely 1942 figure, until after the curtailment of plant expansion announced by WPB April 25. This is by far the biggest single item in current steel demand. If completed, the 10,000,000-ton expansion of the steel industry itself would have used 4,160,000 ingot tons...
...Because local steel ingot capacity is insufficient, Youngstown Sheet & Tube is offering to dismantle its Brier Hill (Ohio) plate mill, ship its equipment to any interested bidder. Reported bidders: American Rolling Mill, perhaps for its new Texas operations; Henry J. Kaiser, for his new California plant...