Word: steelmen
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...Steelmen last week started making noises about a new price boost. In Pittsburgh, National Steel Corp.'s Chairman Ernest T. Weir called in reporters and told them: "The [steel] industry basically does not make enough money. Its prices are too low." Armco's President Weber W. Sebald said that his company is studying its price lists, and expects to make some upward adjustments soon. At a Miami convention of steel distributors, U.S. Steel's Chairman Ben Fairless referred to the "sub-competitive price" of steel, and said: "There's no fat left on our financial bones...
Mindful of the possible repercussions on their approaching wage negotiations, steelmen were not thinking in terms of a flat, across-the-board boost; they had in mind individual adjustments on different kinds of steel. They would probably have little trouble getting higher prices from their customers. Even though steel output hit a new record of 28,900,000 tons in 1953's first quarter, supplies were still tight. Such big users as the automakers were still resorting to high-cost "conversion" deals (i.e., buying steel ingots from one company and having them rolled, for a fee, by another...
Government told steelmen to earmark 488,000 tons of steel for shells in the third quarter-⅓ more than in the second...
...expectation of a free market, scooted up 4? a lb. to 25?. Since that was more than the ceiling price on refined copper (24½? a lb.), metalmen were sure that the refined metal will spurt closer to the world price of 36? if its price controls are lifted. Steelmen predicted that prime scrap steel, now at $36 a ton in New York, would soar...
...spurted ahead of last year's sales, and merchants were predicting a record Christmas trade. Last week the kingpin auto industry finished its biggest month's production (610,676 units) in 16 months, and got the promise of bigger steel allotments in 1953's first quarter. Steelmen themselves reported enough orders to keep their mills at capacity production for at least five months. The big rise all around was reflected by the Commerce Department's report of a $74.8 billion backlog of unfilled orders for manufacturers of all types; that was $10.1 billion higher than...