STEEL: Cheaper Rails

When the steel industry announced 5~7% price cuts on most of its important products last June, ingot production stood at 28% of capacity. Since then it has increased steadily, reached 47.3%, highest it has been since last October. Whereas the industry could formerly break even at 45% with the old prices, it must now, however, produce at about 55 or 60% to stay out of the red. In an attempt to reach the break-even mark. U. S. Steel Corp. last week suddenly slashed steel rail prices for 1938's fourth quarter $2.50 per...

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