Business: State of Steel

Steel is proverbially a "feast or famine" industry. Last week National Steel doubled its dividend. U. S. Steel reported a 65,241-ton rise in its backlog of unfilled orders to 1,929,815 tons. Operations for the industry as a whole jumped to 45% of capacity—highest rate in more than two years.* Cheery indeed are steelmen when their backlogs keep swelling while their furnaces grow hotter.

Brightest spot in the steel picture is motor-making Detroit. Thence has come the bulk of the demand that more than tripled steel operations in the last three months.† Makers...

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