Word: steels
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Dates: during 1950-1959
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Repairs & Shortages. In the face of tremendous demand for steel (total stocks are down to 7,000,000 tons, v. pre-strike inventories of 20 million), the industry will have onerous troubles getting back to full production. The lengthy strike caused considerable damage to open-hearth furnaces by cooling and contraction of bricks. One estimate is that some 300 of the 920 open hearths in the U.S. will need costly repairs...
...into fall at near top speed. Latest statistics from Government and industry showed that production, employment and the earnings of the nation's corporations were all at high levels. Overhanging this bright picture of performance so far this year was a cloud cast by the effects of the steel strike, which will be felt for weeks to come (see below...
Behind the earnings lay a record of solid September production despite the steel strike. Last week the Federal Reserve Board announced that industrial production dropped one point on the index from August to September, was seven points from the pre-strike high of 155 set in June. Nonfarm employment was holding even at around 52 million, while total unemployment declined to 3,200,000, or 5.6% of the labor force; not counting the 500,000 steel strikers, unemployment had increased only about ½% since the 5% low set in July. Personal income in August dropped only about $2.6 billion from...
...Federal Reserve made it clear that the steel strike would have a sharp impact on the overall statistics in the next reports. Only after the strike's effects have been weathered-and the worst are yet to be felt-will the economy get back to full speed ahead. Said FRB: "The underlying demands support the view that settlement of the strikes will be followed by a marked rebound in business activity...
Jutting out of the clutter of Hamburg's docks is a giant rooftop sign that pinpoints the location of the big, busy Schliekerwerft. The yard is named after its owner, tough Willy Schlieker, who operates a worldwide complex of 15 shipyards, steel mills and trading companies with a yearly gross of $150 million. At 45, Moneymaker Schlieker is the youngest of postwar Germany's Wirtschaftswunder-knaben (economic wonderboys...