The spring upswing in business picked up momentum from almost every industry. The Federal Reserve Board's index of industrial production headed for a record-tying 137 (1947-49 = 100), the high point reached in May 1953. Steel output moved up to a rate of 116 million tons yearly, topping even the record rate of 111,600,000 tons set in 1953. Blast furnaces produced at an estimated 92.8% of capacity last week, nearly 40% above the previous year. Nevertheless, for the first time since 1953, a shortage loomed. Consumers complained of shipments as much as 30 days behind schedule.

Some other metals were...

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