Word: inlanders
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Dates: during 1950-1959
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Steel. Joseph L. Block, chairman of Inland Steel, predicted that, barring a new strike, the nation's mills will pour 70 million ingot tons in the first half, 130 million during the whole year, up from 92 million in 1959 and above the alltime high of 117 million...
Republic Steel Corp. hit 70% this week, some five weeks ahead of earlier predictions; U.S. Steel* is also coming fast, will have some plants up to 85% production by next week. Inland expects 80% capacity this week, while Jones & Laughlin, Wheeling Steel, Armco, Allegheny Ludlum hope to hit between 65% and 80%. Throughout the industry, steelmen are cashing in on the care they took in shutting down their furnaces and in keeping maintenance crews in the plants during the strike. Only a fraction of the expected repairs proved to be necessary...
...Steel, Jones & Laughlin, Inland, Republic and most of the other big producers expected to pour their first iron and steel in 48 to 96 hours after firing up. By the end of the first week, the industry hopes to be at 25% of capacity; 40% to 70% capacity should come by the second week, depending on the product and the mill; and by the third week, production should reach 80% of capacity. Better than 90% capacity will take another two to three weeks...
...during the long shutdown. In some cases, the interior brick linings have contracted and furnace roofs have fallen in. Steelmen waited anxiously for signs of other damage as the heat built up to 3,000°. What may hold repairs to a minimum is the fact that U.S. Steel, Inland and others kept nonunion supervisory staffs in the mills to keep heat in the furnaces and do some of the basic repair work as the damage occurred. The industry will not know for sure until the furnaces start operating this week. Says one steelman: "We've never gone through...
...years, and its largest ever. Big Steel lost $31 million in the July-September period, but had nine months' earnings of $3.80 per share v. $3.56 last year. Other nine-month steel earnings: 1958 1959 Bethlehem Steel $1.68 $1.75 Jones & Laughlin 1.45 3.15 Wheeling Steel 1.80 2.78 Inland Steel 1.86 1.99 While second-quarter earnings made up for the third-period shutdown for most steel companies, they were not enough for ailing railroads. The New York Central reported a deficit for the third consecutive month, and a cut in nine months' earnings to 52? per share...