Word: ores
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Dates: during 1950-1959
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...linked Hanna's ore and coal mines with a sheet-steel plant in Detroit and Ernest Weir's assortment of steel plants in the Pittsburgh area, forming the National Steel Corp. Hanna owns a controlling interest (27%) in National Steel, and in 1951 earned $6,000,000 in National Steel dividends. In Pittsburgh, Humphrey spotted a young coal-company executive named George Love. He spent years on a carefully drawn plan to buy two Pittsburgh coal companies and form them into Pittsburgh Consolidation Coal Co.-for George Love to run. Humphrey's own account of the operation...
...projecting trends-political as well as economic-into the future. "In extraction industries," he says, "you have to look ahead or you will find that you have got everything out of the ground that is to be had-and you're out of business." The rich Mesabi iron-ore lode in Minnesota is wearing thin as the nation's (and Hanna's) prime ore source. Twenty years ago Hanna proved the big ore field which Bethlehem Steel is now operating in Venezuela. ("We didn't develop it," says Humphrey, "because there were political difficulties in Venezuela...
...railroad to bring it out?" He answered his own question. Hurrying back to the U.S., he got the backing of five big U.S. steel companies, a $200 million loan from insurance companies, and formed a corporation with Timmins' Hollinger Consolidated Gold Mines, Ltd. to bring out the iron ore. ("It's a certainty," says one of Humphrey's admirers, "that nobody else in the U.S. could have raised so much capital so fast for a project in Labrador...
...project is among the most ambitious feats in the history of private capital. The company operates its own air transport service for personnel and supplies. And it is now in mid-construction on a 358-mile double-track railroad to bring the ore down to dockside in the St. Lawrence Gulf. First ore shipments are due in 1954. Soon afterward, production will rise to about 10 million tons a year, and can be boosted to 30 million...
...terms of business, Ungava may yet be a gold mine. In terms of national security, it offers an invaluable new ore source for the U.S. steel industry, which uses 121 million tons of iron ore a year...