Stalled Steel

No index of industrial activity is better than steel production. Last week the following facts showed how stalled is U. S. steel, how inactive is U. S. industry: C. Steel scrap sold at $12.83 a ton on The Iron Age composite scale--lowest in two years. Price year ago: $21.92. Since new steel is nearly 50% melted scrap, any rise in steel production is usually presaged by a rise in scrap prices.

P: Steel operations fell three points to 32.5% of capacity. Year ago: 91%.

P: Carnegie-Illinois Steel Corp. shut down its Pencoyd Iron Works in Philadelphia where 1,000 men were employed when Carnegie acquired it a year ago. Pencoyd is the home works of Percival Roberts Jr., turn-of-the-century steelmaster (now retired) whom Judge Gary, famed first Chairman of U. S. Steel Corp., once called "the greatest practical steel man in the world."

P: In Berlin it was announced that in January for the first time in history German steel production passed that of the U. S. German: 1,812,000 tons. U. S.: 1,760,000 tons.

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