Word: steep
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...Cyrus S. Eaton, 70, invited newsmen last week, to tell them of one of the biggest and most successful deals of his roller-coaster career. Chicago's Inland Steel Co., eighth biggest in the U.S., had agreed to put up $50 million for development of Eaton's Steep Rock iron-ore deposits at Steep Rock Lake, Ont. As part of the deal, Eaton's own Steep Rock Iron Mines, Ltd. got an $8,000,000 loan from Inland to help develop its own diggings...
Under the agreement, Inland will pay Steep Rock royalties on all the ore it ships. Within seven years, it expects to be shipping 3,000,000 tons a year. By then, Eaton claims Steep Rock itself will be shipping twice as much. (Steep Rock's present tonnage...
...Steep Rock ore was at the bottom of a lake until Eaton, with $5,000,000 from the RFC, shifted the course of the Seine River and pumped out 125 billion gallons of water to get at it (TIME, Nov. 16, 1942). In 1949, he gave Inland options to test-drill nearby deposits. Eaton said these tests indicated the presence of 50 billion tons of ore, some of it with 62 to 64% iron content"-i.e., as rich as the famous Mesabi ores now nearing exhaustion. No man to belittle his holdings, Eaton grandly added: "These deposits go right down...
...Heezen and Ewing reconstructed what must have happened on that day of undersea commotion. The sea bottom near the epicenter of the quake is rather irregular with many comparatively steep slopes of loose material. The quake must have jolted this detachable stuff, starting slumps and landslides that cut the nearest cables at about the same time...
...only possible to conclude that the crash was the result of tragic negligence on the part of the pilot. He had gone down the runway with rudder and elevators still locked up. The plane took off. and went into a steep climb. In the minute after it was airborne, probably the pilot tried to get the nose down, found to his horror that the controls were rigid, perhaps even grabbed for the knob at his right knee. But by then the Globemaster had stalled, had crashed and was being hammered into blazing wreckage on the hard desert floor...