Word: steelmen
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Western European steelmen are designing new mills that by 1965 will increase their potential output to 148 million tons v. an estimated 160 million tons...
...fifth of the nation's steel, has enough at its disposal to carry through the first month's production of its 1963 models. Ahead lie the traditional summer doldrums, when many big steel users close for vacation. Normally such a seasonal slowdown would cause no alarm, but steelmen today are none too bullish about their long-term prospects either...
Invasion from Abroad. Most of all, steelmen want to modernize to meet mounting competition from the Europeans and Japanese. With superbly automated plants-many of which, U.S. steelmen argue, have been bankrolled directly or indirectly by U.S. aid funds-foreign producers have cut deeply into U.S. steelmakers' traditional markets at home and abroad. Though the U.S. historically has exported two or three times as much steel as it has imported, steel exports last year fell 29% to $423 million, while imports amounted to $380 million-and so far this year have risen sharply. The U.S. now imports about half...
Steel's future is by no means totally grey. New mines in Canada promise cheaper ores for U.S. steelmen, and new oxygen processes pioneered in Austria should spur great advances in productivity. And in the short run, steelmen look forward to increased sales in August or September as the production of the '63 autos swings into high gear and appliance manufacturers step up output in preparation for the Christmas selling season...
Still, sanguinity among businessmen was by no means universal. Steelmen, who had been battered into line by Jack Kennedy not to raise prices, conceded that they now have cut some. Their industry is producing at only 55% of capacity, and they have revised their output estimates from 110 million tons this year down to 100 million tons. Steel is not the only soft spot in the economy. The Commerce Department said last week that twelve of its 29 "leading indicators" are trending downward...