Word: steelmen
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Dates: during 1930-1939
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...Under the leadership of President Robert Wolcott of Coatesville, Pa.'s small plate-making Lukens Steel, which has already upped prices $5 a ton, steelmen formed a committee of 1,000 scrap-buyers, resumed their 1937 agitation for stopping tonnage export of U. S. scrap (favored by American Iron and Steel Institute President Ernest Weir, who also favors the embargo on munitions exports). There is a genuine scrap squeeze, mostly because Japan, England and other foreign buyers have taken 16,700,100 tons of scrap out of the U. S. in the last decade...
...working at 100% for the first time in Bethlehem's history. Steel's (mostly Big Steel's) last reserve of obsolescent capacity in Chicago and Pittsburgh waited to limp into action. When these furnaces are blown in to work once every five or ten years, steelmen prepare for overproduction and shutdown...
...side. He posted a price of 12½?, panicked consumers to come back into the market for more inventory. Reluctantly Kennecott and Anaconda, both with lower costs han Phelps Dodge, followed the price up, while frightened consumers bought still more. Small copper fabricators, worried, ike small steelmen, about the rising price and shortened supplies of their raw material, began to exert political pressure on Washington to halve the 4? a pound copper tariff, in order to unfix the copper market by bringing 6 to 8? Chilean and Canadian Copper in. President Franklin Delano Roosevelt, his eye on scrap and steel...
Actually, although Eugene Grace did not say so, the auto industry, knowing that steel is overproduced, is demanding further price cuts as an inducement to order enough future steel to keep steel production going. Steelmen were again cursing their favorite customers from Detroit...
...feed Detroit from October through Christmas, but something like 2,000,000 tons-enough to tide auto production over until the 1939 model year was nearly over. Result: the 1939 model cars were about $25 cheaper than the 1938, and $10 of that cut was put up by the steelmen...