Word: steelmen
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...groups, biggest profit-gainers were the steelmakers. No. 1 feast or famine industry, steelmen are now gorged, at practical capacity. No. 3 producer, bald, tough Tom Girdler's Republic cleared a record $6,184,000 in the third quarter, up from $2,815,000 in the same quarter of 1939. With preferred dividends being earned 32 times over, his conservative directors last week paid all back dividends, planned to buy the shares for cancellation, thus clearing the way for common dividends. Like many a defense industry's preferred stocks, the price of Republic's has tripled since...
...operations, blows in its last 10% of becob-webbed furnaces, farsighted businessmen begin to expect sudden collapse. Last week steel was flying all the danger signals. Some companies were feverishly running furnaces that could use relining, fearful that time out for repair would lose them business. Deferring repairs is steelmen's standard practice in a boom, the theory being that steel booms rarely last long enough to cause serious breakdowns...
...active were all steel mills last week that pig-iron production had begun to lag behind them. Steelmen therefore upped their purchases of scrap, the alternate ingredient used with or instead of pig iron. Last week they grumbled because they had bid the price up $2 in ten days to $21. They grumbled also because the Defense Commission still sanctioned scrap exports...
...Steelmen first regarded Steckel's invention as foolish. But Cold Metal Process revolutionized the industry, made possible the production of sheets and strips at 900 to 1.200 feet a minute compared to 140 feet before. C. M. P. prospered, first by rolling sheets for customers, later by building mills, then by licensing. But not everybody who cold-rolled dealt with C. M. P. In February 1934 American Sheet and Tinplate Co. (U. S. Steel subsidiary) was sued for patent infringement, lost in the Supreme Court in October...
...that its concentrate would be as high-grade as any bought abroad. Anaconda will put $1,500,000 into a new plant, will be able to produce 100,000 tons a year, take at least one-eighth of their manganese worries off the shoulders of U. S. steelmen...