Business: Steel: Rise in Efficiency

U.S. Steel Corp. proved last week that it is not only the biggest producer in the nation's most basic industry but also the most efficient one among the majors. Though it operated at only 53% of capacity in the second quarter, Big Steel announced that it earned $73.2 million or $1.25 a share, amply covered its regular quarterly dividend of 75¢. Earnings declined far less from the year-ago level ($115,943,000 while at 89.5% capacity) than most Wall Streeters had expected. The report at long last destroyed Wall Street's old assumption that Big Steel needed to pour at 65% capacity just to...

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