Iron and Steel

As usual at this time in January, the output of iron & steel foundries perked up and the founders became as cheerful as recently they had been glum. U. S. iron & steel works have a practical capacity of 50,000,000 tons a year. Because the U. S. Steel Corp. was working at 60% of capacity and the several smaller companies at an average of 57 1/2% of capacity during the Christmas holidays, the whole of 1927 seemed to have been a poor year for the industry. Yet, reported the American Iron & Steel Institute last week, the companies produced 43,040,916 tons during the year. True, that was 8.3% less that the 46,936,205 tons of 1926 (the record year). But in only four years have the mills turned out more. Last week U. S. Steel was at 75% of capacity, the others at 67%