Word: ores
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Dates: during 1950-1959
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...Portsmouth Steel (25% owned by Eaton, family and friends) which in turn owns more than 25% of Detroit Steel Co. and more than 10% of Cleveland Cliffs Iron Co., one of the biggest U.S. ore shippers. These two holdings are worth $13.5 million...
...invited newsmen last week, to tell them of one of the biggest and most successful deals of his roller-coaster career. Chicago's Inland Steel Co., eighth biggest in the U.S., had agreed to put up $50 million for development of Eaton's Steep Rock iron-ore deposits at Steep Rock Lake, Ont. As part of the deal, Eaton's own Steep Rock Iron Mines, Ltd. got an $8,000,000 loan from Inland to help develop its own diggings...
Under the agreement, Inland will pay Steep Rock royalties on all the ore it ships. Within seven years, it expects to be shipping 3,000,000 tons a year. By then, Eaton claims Steep Rock itself will be shipping twice as much. (Steep Rock's present tonnage...
...Steep Rock ore was at the bottom of a lake until Eaton, with $5,000,000 from the RFC, shifted the course of the Seine River and pumped out 125 billion gallons of 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...
...ore deal, biggest Inland has ever made, was quite a comeback for Cy Eaton, who has been in many hot spots but has proved as durable as the phoenix. In the '20s he built a Midwest empire of steel, rubber and iron ore, only to lose control of it during the Depression. Slowly he built another, only to see it threatened three years ago, when his Otis & Co. walked out of a Kaiser-Frazer stockselling agreement, and his ex-friend Henry Kaiser won $3,000,000 in judgments (TIME, July 16, 1951). Otis filed in bankruptcy, and Kaiser began...