STEEL: Inland to Canada

To the Greenbriar suite of Cleveland's Terminal Tower, lean, white-thatched old Cyrus S. Eaton, 70, invited newsmen last week, to tell them of one of the biggest and most successful deals of his roller-coaster career. Chicago's Inland Steel Co., eighth biggest in the U.S., had agreed to put up $50 million for development of Eaton's Steep Rock iron-ore deposits at Steep Rock Lake, Ont. As part of the deal, Eaton's own Steep Rock Iron Mines, Ltd. got an $8,000,000 loan from Inland to help develop its own diggings.

Under the agreement, Inland will pay Steep Rock royalties on all the...

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!