STEEL: Upswing

No. 1 industrial manic-depressive is steel, which suffers more in its bad moments and has more euphoria in its good ones than the heroine of an oldtime melo drama. Out last week were the 1940 earnings reports of the five biggest U. S. steelmakers, spectacular evidence that steel is now in a dizzy upswing. After a slow start until the defense boom got under way, the big five (which lost $108,088,560 in 1932) earned $197,315,722 last year, turned some neat per-share profits.

> U. S. Steel, biggest of them all, earned $102,181,321...

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