Word: steelmen
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Dates: during 1950-1959
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Protests & Denials. Reaction was swift and conflicting. Many steelmen had plugged for a boost ranging from last year's $8.50 a ton to $10 or more, were disappointed at the rate set by the industry leader. Said Avery C. Adams, president of Jones & Laughlin Steel Corp.: "The announced price increase is grossly inadequate in so far as covering our total anticipated cost increases is concerned." But the loudest protests came from those who thought the increase was too great-even though many had feared it would be even greater. House Democratic Whip Carl Albert of Oklahoma called...
...steelmen gathered in Manhattan in an optimistic mood last week at the annual meeting of the American Iron and Steel Institute. A decline in the steel index that dropped production from 98% of capacity in January to last week's 87% seemed about over; many steelmakers reported a pickup in orders. The good news came at just the right time. Steelmaker after steelmaker said the U.S. is in for another steel price rise, for the twelfth consecutive year since World War II, to offset an automatic wage rise in July. Some plugged for $10 a ton, claiming that last...
Onetime U.S. Steel Corp. Chairman Benjamin F. Fairless, chairman of the institute, also predicted a rise in steel capacity that may top the 1956 increase of more than 5,000,000 tons. Most steelmen were confident that 1957 will equal or surpass 1956 in production. "I believe we're over the hump," said Armco Steel Corp. President R. L. Gray. "Things look better; incoming orders are picking up; inventories are down to where steel consumers have...
...direct-reduction process would be almost as important as was the development of the blast furnace, chiefly because it would make commercially feasible the establishment of steel plants in coal-poor areas and drastically cut the costs of expansion. To keep up with the growing U.S. economy, steelmen estimate that they must add up to 70 million tons of capacity in the next 15 years, and at a cost of $20 billion if they use present methods of steelmaking. Thus the potential saving is so great that nearly every big steelmaker is experimenting with a direct-reduction process of some...
There are some disadvantages to the direct-reduction method. It does not remove as many impurities as a blast furnace, thus may necessitate more processing of low-grade ores. But with certain types of fine ores that mills are starting to use, it works better. Steelmen believe that most of the bugs in the direct-reduction method will be worked out in a year or so, and then one of the major companies may take the plunge and build a big plant. The first one would probably be built in the South or West, where the absence or high cost...