When President Truman last week asked Congress for a system of "loan guarantees" to step up "essential production," many a U.S. steelmaker guessed that he was reviving a plan that Congress had rejected last year. That plan was for Government-enforced expansion of the steel industry (TIME, Jan. 17, 1949).
To forestall it, steelmen renewed their insistence that the industry was already expanding more than enough to handle all war demands. The American Iron & Steel
Institute trotted out figures to show that in the last 3½ years the industry, financing its own expansion out of profits, had built about $2 billion...
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