Western Europe: Hard Times for Steel

Europe's major steel producers will set a tonnage record this year, but the industry's predominant mood is one of gloom rather than cheer. Reason: despite repeated warnings from the European Coal and Steel Community, steelmakers have expanded too rapidly. This year, capacity in Britain and the Common Market countries will rise by 10.7 million tons—while orders from such important customers as the construction and auto industries have slacked off. Britain will have excess capacity until 1970. Italy's state-owned Finsider, which supplies 63% of Italian steel, has completed a string of four coastal mills that will help raise national output 26%...

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