Word: steeled
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Dates: during 1930-1939
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...Steel. Far from gay, however, was the tory of U. S. Steel Corp. Big Steel has run at lower percent of capacity than the independents, has faced bitter price competition in the profitable (to others) Detroit steel market, has had much of its capacity in Pittsburgh and Chicago idle because of stagnant demand for capital goods. Last quarter it made only 18? a share on its preferred stock, grimly paid holders the $1.75 coming to them: the difference, $5,644,368 (nearly half the size of Chrysler's profit for the quarter), came out of a generation of accumulated...
...year ago. A further tip-off came from several companies' sharply curtailed budgets for capital investment in new plants. General Motors will invest $10,000,000 for expansion, a little more for improvement, in 1939 against $60,000,000 for expansion and improvement in 1937. U. S. Steel will invest $25,000,000 against $67,000,000 in "the major depression year...
Sharing Big Steel's worries, in a more modest way, is the industry's No. 4 unit-Jones & Laughlin, also frozen up in Pittsburgh, also led in the Detroit flat-steel market by National Steel and others. Owing preferred stockholders $36.75 a share of back dividends, J. & L. is certainly no happier than Big Steel...
Meanwhile, the industry's tough guys profited from production at over 50% of capacity. Bethlehem, biggest among Little Steelmakers, jumped its profit 142% over the first quarter in 1938. Steelmaster Tom Girdler's Republic Steel, No. 3 in the industry, earned $532,899 against $3,062,564 lost in the same quarter last year. National Steel, No. 5, still led the bigger fellows, however, earning more on its ingot capacity (71? per ton) than any of them, twice as much as in the first quarter...
...every cent he could, getting the largest possible slice of business to be had, Weir last week denied that National is about to build another plant. Said he: "We won't invest in the Chicago area till the country gets back on its feet." Thus temporarily sparing Big Steel the headache of stiff competition in another market, E. T. Weir went off to Bermuda...