Word: kaisers
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Last week Banker Black opened the moneybags for a still bigger loan to India: $75 million (at 4½%) for a huge, new steel mill to be built by Kaiser Industries for Tata Iron & Steel Co. The plant will eventually increase India's steel output by 45% to 2,000,000 tons annually. This week another new loan-$200 million to Chile-was approved, in Banker Black's biggest deal to date. With the money, Chile will launch an eight-year agricultural development plan to buy farm equipment, build new roads and start modern agricultural schools, thus make...
From his Fontana (Calif.) plant, Henry J. Kaiser supplies the West Coast with more steel than any other steelmaker. Since he built the plant during World War II, he has expanded it seven times to keep up with a fast-growing demand. Last week Kaiser announced that he will spend $113 million to boost capacity 40% to 1,528,000 tons yearly...
Fontana's addition is only a small part of Kaiser Industries' vast expansion under Henry J. and his son, President Edgar F. Kaiser, 47. Edgar is also directing a $33 million expansion for Permanente Cement and a $500 million expansion for Kaiser Aluminum which will push it up to second place in the industry, 28% behind Alcoa...
...backbone of the business is still construction. Last week Kaiser had a $638,500,000 backlog of construction and engineering jobs, biggest in its history. In addition, Kaiser is the managing firm (with 25% interest) in the joint construction group that is building Australia's Snowy Mountains Project, a $56 million complex of dams, river diversions, hydroelectric plants and tunnels...
...company is still having trouble with its auto business. Willys' domestic sales slumped 18% during 1956's first quarter. However, export sales jumped 29%, and Edgar Kaiser thinks the future of the auto company lies abroad. Kaiser's new Willys plant in Argentina started producing last month, and he is negotiating for a complete manufacturing operation in Brazil, has already licensed assembly plants in Turkey and Israel...