Word: laughlins
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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...
...Steel had its first quarterly loss in 21 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...
...steel companies confirmed estimates that steel had had a record half-year. Inland Steel doubled its earnings for the half to $2.43 a share, but was outshone by the performance of other reporting companies. Allegheny Ludlum raised its half-year profit 802% to a record $3.20 a share, Jones & Laughlin hiked profits 642% to a record $5.31 a share, and Crucible Steel ran up a new record with earnings of $2.22. Seeking to explain the high steel profits, Jones & Laughlin's President Avery C. Adams pointed out that steel mills in the second quarter operated at 94% of capacity...
...impurities, uses less scrap metal. An oxygen vessel costs only about one-half of open-hearth facilities, turns out steel ingots in 35 minutes, v. ten to twelve hours for the open-hearth process. Kaiser Steel (which holds the U.S. rights to the patent for the process), Jones & Laughlin, McLouth Steel and Acme Steel have installed direct-oxygen furnaces. U.S. Steel and all other major companies are studying the process. Steel experts predict that by 1965 it will account for 35% of world steel capacity, 25% of U.S. steel capacity. Meantime, the industry is adopting the use of oxygen...