Word: steelmen
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...from capacity to under 70%, is still heading down to the rate of current sales-about 45%. Ford last week bought 25,000 new tons (mostly of odd specifications) for only minor price concessions. But other big steel customers, sitting on ample inventories, were unfeazed, are trying to put steelmen over the barrel before reordering. Steel swings 18% of the Federal Reserve Production index...
...Under the leadership of President Robert Wolcott of Coatesville, Pa.'s small plate-making Lukens Steel, which has already upped prices $5 a ton, steelmen formed a committee of 1,000 scrap-buyers, resumed their 1937 agitation for stopping tonnage export of U. S. scrap (favored by American Iron and Steel Institute President Ernest Weir, who also favors the embargo on munitions exports). There is a genuine scrap squeeze, mostly because Japan, England and other foreign buyers have taken 16,700,100 tons of scrap out of the U. S. in the last decade...
...working at 100% for the first time in Bethlehem's history. Steel's (mostly Big Steel's) last reserve of obsolescent capacity in Chicago and Pittsburgh waited to limp into action. When these furnaces are blown in to work once every five or ten years, steelmen prepare for overproduction and shutdown...
...side. He posted a price of 12½?, panicked consumers to come back into the market for more inventory. Reluctantly Kennecott and Anaconda, both with lower costs han Phelps Dodge, followed the price up, while frightened consumers bought still more. Small copper fabricators, worried, ike small steelmen, about the rising price and shortened supplies of their raw material, began to exert political pressure on Washington to halve the 4? a pound copper tariff, in order to unfix the copper market by bringing 6 to 8? Chilean and Canadian Copper in. President Franklin Delano Roosevelt, his eye on scrap and steel...
Actually, although Eugene Grace did not say so, the auto industry, knowing that steel is overproduced, is demanding further price cuts as an inducement to order enough future steel to keep steel production going. Steelmen were again cursing their favorite customers from Detroit...