Word: mesabi
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Dates: during 1950-1959
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Boom & Bust. All of Inco's production came from its famed mines near Sudbury, Ont., where the company has drilled a 396-mile spiderweb of underground tunnels fanning out through five mines. Sudbury is to nickel what Minnesota's Mesabi Range is to iron, at one time supplied more than 80% of the free world's nickel. But the credit for making it pay off goes to a pair of hardheaded metalmen with the know-how and vision to turn nickel into one of the world's most important minerals: Inco's onetime President...
...dumped carloads of red rock into a freighter's hold. When the hold was full, the ship sailed for Philadelphia to deliver to U.S. steel mills the first iron ore from Canada's remote Ungava iron fields, as rich as and perhaps vaster than the once great Mesabi Range...
...already formed a partnership with M. A. Hanna Co. of Cleveland and enlisted the help of Hanna's then president, George Humphrey, to promote the Ungava project in the U.S. Steelmen in the U.S. were beginning then to realize how seriously two world wars had depleted the U.S. Mesabi Range. Humphrey and Timmins managed to convince some of them that Ungava could be a new Mesabi. Six steel companies (Republic, Armco, National. Youngstown, Wheeling, Hanna) agreed to finance the project and buy Ungava...
WITH steel output up 40% in the first seven months of 1953, Great Lakes ore boats are hauling the greatest tonnages since the Mesabi Range opened 61 years ago. U.S. Steel's 64-boat fleet, which racked up its first 4,000,000-ton month in August, is headed for a full-year haul of 29 million tons, 3,000,000 more than in 1951, the peak year...
...water to get at it (TIME, Nov. 16, 1942). In 1949, he gave Inland options to test-drill nearby deposits. Eaton said these tests indicated the presence of 50 billion tons of ore, some of it with 62 to 64% iron content"-i.e., as rich as the famous Mesabi ores now nearing exhaustion. No man to belittle his holdings, Eaton grandly added: "These deposits go right down to China...