Word: steelmen
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...rated capacity to make up for the 1956 steel strike. It is now down to 81% of capacity. The steel industry considers recession a dirty word, says flatly that it is undergoing a "mild cyclical adjustment" which is now stabilizing. Production may go down some more, but steelmen expect consumption to remain at current levels as businessmen live off inventories. The oil industry is also cutting back to pare its ultralarge, 283 million-bbl. inventory of oil stocks...
...steel price hike made last July to balance the 21? hourly boost for steelworkers. Prices went up by an average of $6 a ton, Kefauver noted, but manufacturers admitted that the wage increase cost them only $3.15 a ton. Furthermore, some other manufacturing costs are down. Charged Kefauver: "Steelmen cannot justify the continued existence of a price increase in view of the fact that the price of scrap used in a ton of steel is down around $3.85 fr,om the average price a year ago." (The average price of No. 1 heavy melting grade scrap has plummeted...
Despite all fears about lower operating rates, few steelmen had poor business to report. National Steel, Armco Steel and Bethlehem Steel all had good sales and earnings, Bethlehem with its best earnings ever (see PERSONNEL). And for U.S. Steel, Chairman Roger M. Blough noted nine-month earnings of $329 million for a 9.7% return on sales v. $243.3 million and an 8% return in 1956. All told this year, said Blough, the industry will produce 115 million tons, just under the 1956 level. Next year, though the industry may slip back to an operating rate somewhere between...
...RUHR STEELMEN will make their first big investment in Western Hemisphere ore resources. Group of 13 ore-short West German steel firms, including Krupp complex, will open negotiations this month with Canadian Javelin Ltd., which has huge iron and timber reserves in North. If deal goes through, Germans will put as much as $45 million into new 6,000,000-ton-a-year ore processing plant in southern Labrador...
...steelmen and to all Indians (except Communists), Tata symbolizes one of the world's great success stories. The founder of the family fortunes was Jamsetji Tata (1839-1904), son of a Bombay merchant. Jamsetji went to England to study industrial techniques, went back to India and started a cotton mill. The mill grew into other enterprises. To cap his lifework, Jamsetji dreamed of starting an iron and steel mill. He died before his plans could be carried out, but three years later, in 1907, his sons started such a mill. Informed of their plans, Sir Frederick Upcott, chairman...