STATE OF BUSINESS: Change in Steel

Steel stocks, which have helped lead the market up for the past two months, turned about last week and led it down again. All major steel issues sagged badly, from Armco's slide of 3! points to Youngstown Sheet & Tube's dip of gf. The main reason was a sudden pessimism, largely touched off by a gloomy steel report front-paged in the Wall Street Journal, and sent over the Dow-Jones ticker, which said that demand is disappointing and inventories are building up too fast. Steelmen thought the report was far too pessimistic, and so did the industry's bible, Iron Age....

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