STEEL: Capacity for What?

The steel-capacity fight headed to a showdown this week. Washington's expansionist group wanted a 30,000,000-ton (35%) increase; the industry did not. Last week the industry looked to be having its way.

OPM's Knudsen was clearly on its side. Said he: "What would we do with 30,000,000 tons more? That's too much for me. I'm not smart enough to pass on that. Let's keep our feet on the ground." Moreover, OPM recommended against Engineer Henry J. Kaiser's loan application for 1,500,000 tons of new capacity on the West Coast (TIME, April 28).

Mr. Kaiser did...

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