Business: Steel Tsar?
(2 of 2)
¶ Last week U. S. Steel announced that it had abandoned large ore reserves in the Lake Superior district. Reason: to avoid taxes. For the first half of the year taxes on all its Lake Superior ore reserves totaled $4,800,000.
¶ Said Iron Age last week:
"Not withstanding such unfavorable factors as a further decline of 11.8% in pig iron production in July, a drop in steel ingot output this week to about 15%, a recession in the price of heavy melting steel scrap at Pittsburgh, a further falling off in automobile production, and the failure of steel and pig iron bookings to show any noticeable change for the better, sentiment in the iron and steel industry remains buoyant."
* Not to be confused with criminal suits brought against racketeering associations for restraint of trade, in which jail sentences are often secured.
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