STEEL: $12,000,000 More

Since October, U.S. investors have plunked $53 million into Henry J. Kaiser's automaking enterprise. Last week they learned that they would soon be invited to plunk down $12 million more. The new money would not go directly into the Kaiser-Frazer Corp. It would be used to finance a new company to provide steel for K-F cars.

In the deal with Kaiser and Partner Joe Frazer was Cyrus Stephen Eaton, Cleveland financier who helped float the first two K-F stock issues. On May 23 the Portsmouth Steel Corp. was incorporated with Eaton as board...