Business & Finance: Steel's Future

Just now the American steel business has staged a thoroughly remarkable "come-back." Orders pile up, prices are firm, extra dividends are the order of the day, earnings are increasing. Nevertheless, some American steel leaders are casting anxious eyes towards Europe. Schwab is in Germany. Gary has departed for South America. To students of the industry, aware of bad conditions in the export trade, these facts are not without significance.

American Labor costs are completely out of alignment with those of Europe. To some extent this is compensated for by superior American natural resources...

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