Word: smelter
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Dates: during 1960-1969
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...Canada, where superlatives are especially prized because there are so few of them, the favorite word of Montreal's Aluminium Limited is "biggest." Aluminium* prides itself on having the world's biggest aluminum smelter, the biggest private hydroelectric project, and the biggest bauxite production. Last week, at its annual meeting, Aluminium announced the best superlative of them all: in 1962 it comfortably maintained its lead as the world's largest primary aluminum producer. As sales rose 8% to a record $515 million, and profits jumped 24% to $34 million. Aluminium poured 790,000 tons of aluminum around...
...comfortably skims tariff barriers because it is a low-cost producer, benefiting from Canada's lower-wage labor, devalued dollar and abundance of cheap electric power. Harnessing the remote Saguenay River, Aluminium cut into the trackless wilds of northern Quebec to build the dams that now power the smelter at Arvida (a contraction of Arthur Vining Davis). For the still bigger Kitimat power project in British Columbia, it carved a ten-mile tunnel into a mountain, created a waterfall 16 times as high as Niagara Falls and built a smelter with an awesome annual capacity of 300,000 tons...
Radio Moscow, in a ten-minute broad cast beamed at the United States last night, addressed a warning to the "people of New York and San Francisco... to the Pittsburgh steel smelter, the California farmer...and to the Harvard student...
Those contracts undeniably added up to a good thing for Hanna. The Government agreed to buy Hanna's nickel ore at $6 per ton; it also agreed to advance the entire cost, some $22 million, of building a smelter to refine the ore. Although profit figures are in dispute, by George Humphrey's own reckoning they came to at least $7,500,000-roughly double Hanna's investment in the nickel operation. Moreover, under the terms of the contracts, Hanna last year took over ownership of the smelter for a mere $1,700,000. But the deal...
...charges of exorbitant profits as "bunk" and "baloney." Right to their faces, Humphrey told South Carolina's Senator Strom Thurmond that he was "confused" and California's Clair Engle that he was "mixed up." To a big company like Hanna (total assets: $450 million), he said, the smelter deal was "small potatoes"; for that matter, the nickel contracts were the "tag end of our business." He had, he said, been too busy with more important Hanna interests to pay much attention to the nickel contracts while they were being negotiated. Actually, he argued, the nickel deal was very...