U.S. Steel's Irving S. Olds dashed some icy
water on talk of a price cut in steel. Big Steel's last year's profits
of $88,622,475 might look like a lot of money, said he, but they
amounted to only 6% on sales and 5.5% on capital investment. As far as
he was concerned, Olds said, present steel prices were "fair and
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