Business: 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.

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

¶ Carnegie-Illinois Steel Corp. shut down its Pencoyd Iron Works in...

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