Business & Finance: Smart Deal in Iron

Into Wall Street last week leaked news of one of the biggest inter-company stock deals of 1942: the purchase by U.S. Pipe & Foundry Co. of 54,500 shares of Sloss-Shemeld Steel & Iron Co. common stock from Allied Chemical & Dye Corp. The rumored price: more than $4,300,000.

For two big reasons this transaction makes sense: 1) Allied Chemical disposes of an investment which has little relation to its normal business; 2) U.S. Pipe gets voting control (43%) of one of the top U.S. pig-iron producers with a 500,000-ton annual output.

All nosegays for this deal go to smart, up-from-the-ranks U.S. Pipe President...

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