STEEL-FUEL: Dead End Ended

One of the oldest U. S. steel companies and first manufacturer of boiler plate, 128-year-old Lukens Steel Co. is located at Coatesville near the hard coal country of eastern Pennsylvania. With total assets of $16,000,000, it is 14th largest in the industry, specializes in making steel plates for steamships and locomotives, nickel and chrome quality alloys. Last fiscal year, Lukens' net income was $158,218, biggest since 1929. But its operating costs also increased. When Depression II cut production as low as 35% of capacity, the company cut its payroll almost in half, laid off 1,100 of its 3,600 workers, still...

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