Big Steel Buys Again

In their paneled board room on the 13th floor of Los Angeles' Pacific Finance Building, the directors of California's Consolidated Steel Corp. gathered last week. After they had settled themselves in their cushioned leather chairs, President Alden Gallup Roach brought up routine business; a 25¢ common dividend was declared.

As the last order of business, Alden Roach made a quiet announcement: Columbia Steel Co., West Coast subsidiary of giant U.S. Steel, had offered to buy Consolidated and its subsidiaries for $8,293,379 in cash. Pleased grins spread over the directors' faces. Quickly they voted to accept the offer. (Next day, Consolidated stock,...

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