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...sheet and strip mills to study whether they might be converted to plate production. Present annual plate capacity is some 6,500,000 tons; it was hoped that 1,500,000 tons could be added to this by conversion right away. One example was announced last week: smart Ernest Tener Weir's National Steel (see p. 74) is rearranging its Great Lakes subsidiary (hot-rolled strip and sheets) to provide 300,000 tons of light plates, saving at least a year over the time it would take to build a new mill...
...decree threw the steel industry into an uproar of protest. But the uproar was nothing compared with the indignation aroused when Steel Tycoon Ernest Tener Weir lined himself up on Henderson's side this week. Figuring the wage increase his National Steel precipitated earlier this month would cost the industry not more than $135,000,000, he termed the amount "insignificant" compared with Government defense spending. Said he: "There are no facts available today on which ... to determine the necessity of a price change now. ... It won't hurt the industry to take three months to produce facts...
First major product whose price was dumped in Leon Henderson's lap was steel industry's biggest raw material and key to the whole U.S. price structure (see above). Last week C.I.O. and C.I.O 's archenemy, Ernest Tener Weir, combined to make many a steel producer talk about upping his price tags...
While the scrap dealers had less to say than usual, steelmen (who have to buy the scrap) applauded. Loudest applause came from National's Ernest Tener Weir, who demanded that the Government force the price down. He also announced a 40% increase in his Weirton pig-iron-making capacity, just in case Government efforts failed to produce enough scrap at reasonable prices. But by week's end, the price of scrap had dropped $1 a ton, was clearly headed back to $20. On one front at least, the Government-with business' help-was having...
This was one Roosevelt measure which Republican Steelmaster Ernest Tener Weir welcomed. He even thought it overdue. Moving his never-lit cigar from mouth to desk, he glowered: "It is too bad that the Administration did not see fit to heed the repeated warnings of businessmen against the continuous, large-scale exportation of scrap. . . . Even now, since the embargo is not effective until Oct. 16, exportations can continue for more than two weeks. With scrap-steel stocks already so badly depleted, I can see no justification for the delay...