STEEL: Logical Merger

Cooking on the financial stove last week was the biggest steel merger since Republic Steel took over Corrigan, McKinney in 1935. The merger: $245,000,000 Jones & Laughlin with $38,000,000 Otis Steel.

This giant-and-pygmy combination would make sense aplenty. Because J. & L.'s mills are bunched in the Pittsburgh district, it has long wanted a Great Lakes plant near big steel-using centers like Detroit and Buffalo. J. & L. owns 900 acres at Hammond, Ind., last year tried to get Government cash to help build a plant, has yet to sign a contract. Merging with Otis would not only put...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!