AMERICAN STEEL INDUSTRY.

Evening Post, Volume CIX, Issue 37, 13 February 1930, Page 12

AMERICAN STEEL INDUSTRY.

Steel ingot production in the United States established a new record in 1929, according to an official review which has been received by the American Trade Commissioner (Mr. Julian B. Foster). The estimated output for the year is placed at 64,600,000 tons, an increase of 8% per cent, over the previous record established in 1928. Operations during the first nine months of the year were maintained at an unprecedented level, with the average rate for the period of 95 per cent, of capacity. The tapering off in the last three months was accelerated by the psychological effect of the stock market break, with the result that the production during November and December showed the sharpest decline since 1907. Operations fell below the 50 per cent, level during the holiday week, but improved slightly at the close of the year iv response to increased demands from the automobile industry. The average rate of operations for December ■was about 60 per cent. The demand for eteel was well diversified. Eighteen per cent of the year's output was utilised by the automobile industry; 17 per cent, by the railroads; 16% per cent, by building and construction; 10% per cent, by the utilities, mining, and lumbering; 5Vi per cent, by agriculture; 5% per cent, for exports; 5 per cent, for containers; 3 per cent, for machinery; and 19 per cent, by miscellaneous users. Steel mills have a substantial backlog business in rails, structural shapes, and freight car material. Prices have held fairly steady. The demand for steel resulted also in new records in pig •fosn production, shipment of iron ore, and ctesumption of scrap. The output of l>ig iron is estimated at 42,700,000 tons, a gain of 5.8 per cent, over the previous record made in 1923. .