Word: steelmen
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...Many steelmen had hoped that this slack would be taken up by the auto industry, steel's biggest customer, which is heading toward its best year since 1955. Detroit would have been buying more steel lately-though not enough to revive the whole industry-had it not bought so much last winter as a hedge against a possible steel strike. Those supplies took quite a while to melt down. The automakers' stockpiles of steel are now close to the bone, and Detroit at long last is beginning to increase its orders...
...oxygen furnaces at the Richard Thomas & Baldwins mill are the newest weapon that steelmen around the world are wielding to compete with cement, aluminum and plastics. Pure oxygen, when blown into steel crucibles, enables them to make steel faster and cheaper than ever before. Last August, boldly investing in the future despite poor current business, U.S. Steel Corp. announced that it will build two iso-ton "basic oxygen" furnaces at its Duquesne works. Last month. National Steel Corp. opened two 300-tonners at its Great Lakes works. In all, LD fur naces are now pouring steel in 17 nations from...
Today a majority of the world's basic oxygen furnaces employ the LD process under license deals that furnish much of Austria's foreign exchange. And tomorrow, say steelmen, every new steel furnace will use some kind of oxygen process...
...because the canning season is over, and galvanized sheet is soft because of the tailoff of the construction season. Worst of all, orders from Detroit are below expectations-largely because the stockpiles that the automakers built up last winter as strike insurance were apparently much larger than steelmen thought, and the auto companies are still living off their inventories...
Just as inconclusive was the situation in the nation's basic industry: steel. Though the steel companies were producing at only 56% of capacity v. 69% a year ago, their output rose 10% in August, and some steelmen expect gains of up to 2% a week through Christmas...