Business: Two in One

Ludlum Steel Co. of Watervliet, N. Y. had a better Depression record than most of the big, less-specialized steelmakers; last year it had net sales of $13,000,000, greatest in its 40-year history. With negligible facilities for producing flat-rolled steel, Ludlum sells about 50% of its output (wire, bars, etc.) to the automobile industry, the rest to manufacturers of machine tools, oil refining and aircraft equipment, stainless steel building products. Last year the company considered raising money to expand; but the capital market was so stagnant that directors, fearing the plan might miscarry, called it...

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