Word: steelmen
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...businessmen, while recognizing all these potential potholes, are remarkably confident. Joseph Block and other steelmen expect their industry to produce some 105 million tons this year, up 7% from 1962. F. W. Dodge Corp., the Boswell of the construction industry, says that construction will be up 4% for the year. Insuranceman Fitzhugh, whose Met ropolitan Life lends almost $1 billion a year to corporations, reports that requests for capital loans have increased notably in recent months. Retailer Lazarus is planning to open more than 40 new stores over the next decade, adding to the 58 he already bosses...
Down to Size. While steelmen in the past mixed about 50% scrap and 50% molten iron in their furnaces, they have devised ways to use only 45% scrap today. They have spent billions to build new "basic oxygen" steel furnaces that use barely 25% scrap and to open new iron mines from Labrador to Liberia. The scrap-men have also been hurt by five years of sluggishness in steel demand. Scrap prices have dropped from an average $53.50 a ton in 1956 to $28 today, and exports have plunged from almost 10 million tons in 1961 to barely...
...Even so, steelmen moved with notable caution. After three days of silence on both sides, Lukens Steel Co., the 20th-ranking producer, upped its price on a few types of steel. All remained quiet on the New Frontier. Then third-ranking Republic got up its nerve and announced increases similar to Wheeling's, but not identical. Again, all quiet. The following day, after two more companies joined the wary parade, giant U.S. Steel finally raised prices. Its increases were noticeably gentler than Wheeling's: $4 on hot-rolled sheet and strip (50? less than the other companies...
...Japanese steelmen are also being investigated by the U.S. Government, but have not yet been ruled upon; meanwhile, they are stepping up their exports to both the U.S. and Europe. They have impressed Washington with their arguments that steel exports are profitable to them even at cut prices because payment is quicker, warehousing cheaper and loan interest rates easier than on domestic sales. Like the Japanese, the Europeans admit that they have been selling below list price in the U.S., but claim that they have also been discounting from their list prices at home in the face of soft markets...
Threats of Reprisal. Unlike U.S. steelmen, who bank their furnaces when demand drops but keep prices fairly steady, the Europeans prefer to slash prices and keep production high to avoid politically unpopular layoffs and the expensive overhead of idle plants. In addition, Belgium and Luxembourg, argue that they must export at almost any price to get foreign exchange to finance their heavy imports. The angry Common Marketeers contend that the U.S.'s anti-dumping law is outmoded in that it restricts free trade, but they have little hope that the U.S. Government will do anything to encourage further competition...