Word: steelmen
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...special honor to Ojeda. Larrazabal made that visit the occasion for his first policy speech. He promised fulfillment of lawful commitments, protection of foreign investments and guaranteed political freedom. The statement on investments pleased the oilmen and steelmen who hold most of the U.S.'s $3 billion investment in Venezuela. In the aftermath of the revolt, some resentment had flared against the U.S. for having maintained comfortable relations with the dictator; with this feeling was mingled a reaction against recent cutbacks in U.S. imports of Venezuelan...
STEEL PRICE BOOST of $5 to $7 a ton is coming in July. Steelmen are resigned to rise even if demand remains soft. One major reason: steelworkers' wages go up automatically July 1, and they will get additional hike if cost-of-living rise continues...
Businessmen who had worried in May were calm in December. Steelmen sensibly pointed out that the nation's heaviest industry need not always operate at emergency throttle. "The auto industry no doubt could turn out 12 million cars a year if absolutely necessary," said a steel executive. "But when it produces only 6,000,000 cars, no one complains that it is operating at only 50% capacity." At times, businessmen even gave thanks for the breather. Frank Magee, president of Aluminum Co. of America, noting that aluminum has often been in short supply, said cheerfully: "For the first time...
...notable example is steel, which is learning to operate like a short-order restaurant. Not since 1942 have users ordered steel on such short lead times: six weeks for heavy construction beams, two weeks for sheet metal for automobiles. In turn, steelmen were producing just enough to meet delivery schedules. They were well aware that any sudden economic upturn would not catch them without production capacity. But it could catch customers short on steel. As long as customers continue to buy only for immediate needs, steel may not rise above 75% of rated capacity before June, but the industry expects...
...industry will invest only $34.5 billion in new plants and machines, down 7% from 1957. Autos, aluminum, machinery and many others are planning fewer additions. But utilities, which never caught up in 1957, will have to pile on another $200 million increase to $6.5 billion next year. Many steelmen are also pushing ahead despite lower operating levels. Says Inland Steel Co.'s President Joseph L. Block, who earmarked $280 million for a three-year expansion program: "We plan for continued growth because we believe we are a growth company in a growth industry in a growth country...