STEEL: Go & Stop

With a hefty swipe of a stainless steel shovel, President Benjamin F. Fairless started work last week on U.S. Steel Corp.'s new $400 million plant near Morris ville, Pa. The "Fairless Works" will pour 1,800,000 tons of steel a year, add about 5% to Big Steel's capacity. But the Morrisville plant was just the start of a rush; Jones & Laughlin, Armco Steel and Bethlehem were also hustling to multiply their capacity, along with a swarm of hastily formed new steel companies.

The pistol shot that started the stampede was the clause in the Revenue Act of 1950, allowing companies...

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