Up Again?

Is the price of steel going up again? Last week some steelmen feared so. One small plant had already boosted the price $6 a ton for plate. Said one steelman gloomily: "If the price of scrap doesn't come down, the price of finished steel will have to go up." In Pittsburgh last week scrap jumped $5 a ton to $43, the highest in 30 years. Pittsburgh companies, frantically searching for scrap among dealers in other cities, heard them quote prices of $47 and up.

This was bad news for the U.S. economy. With steel mills humming at 97.1% of capacity,...

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