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...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!