Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-03-24
IRON AND STEEL
OUTLOOK BETTER
Reports From Industry Show
More Diversified Volume
OF New Business
JAPAN BIG SHEET BUYER

While dullncss remains the keynote
in the iron and steel trade. with orders
few and for small quantities. leaders in
the industry are moro optimistic. Rlast
furnaces in this district are operating
on limited scale. The hope of the in
Gustry is the entrance of the railroads
into the market and increased activity
ot shipbuilding and other metal con
suming industries.
Only three merchant blast furnaces
are operating in the Schuylkill val
ley at the present time. says Richard
Peters. Jr.. sales manager Of the
Pulaski Iron Co. The mig iron
industry is almost nj a standstill be-
cause manufacturers are unwilling to
sell at present prices. which are below
the cost of production. and cannot af
ford TO pile pig iron in the yards for
future consumption. The average
stocks in the yards are three weeks
output. Freight rates are the greatest
obstacle to reducing prices further In
spite of the uncertain outlook. little
NOR" optimism is apparent in the
trade.
Large stocks on Hand
One OF the large independents reports
limited demand for steel. Its plate and
blooming mill is operating n single turn
this week. Diminished activity is ac.
counted for bv the limited scope of the
four largest consumers. the railroads.
automobile and farm i'm
plement manufacturers.
Intermittent operations for day or
two arc being carried on by the Leb
anon Iron Co. producers Of bar
iron and bolts and nuts. Prices have
been substantially reduced. bur ten
dency TO hold OF is noted among buyers.
II is believed considerable stocks are
in the hands Of iobbers and consumers.
which are being drawn on to avoid buy
ing.
Automobile Work Favorable
BETTER buying Of steel for construction
aud the roinstatiug of few more frac.
tiOnS of the voluminOus cancellations by
automobile builders have been favorable
features OF the week. says the Iron Age.
\ good many buyers have been heard
from with small orders. without any in
crease in the average Of steel plant Rc-
tivities. Little Is said Of the spring de-
mand of which there were predictions
when tho year came in. and there is
more settling down TO the prospect OF
drifting market.
and cannot be called significant. Pig
iron and scrap are lower. particularly
the latter. In finished lines the weak
spots still are wire products. sheets
and bolts and nuts. As heretofore,
plates. shapes and bars have been avail
able at p. Pittsburgh. but there are
also some instances Of the withdrawal of
that price.
The sharp advance in costs due TO re-
stricted operations has more than offset
with some steel producers the help OF
recent wage reductions.
More blast furnaces are going out.
and the Steel Corporation curtuilment
Of pig iron output has been rather rapid.
Its steel production has not declined in
proportion. in view of the stocks Of
pig iron and scrap il has on hand.
Business More Diversified
The Iron Trade Review says that
some reaction from the recent depressed
condition of trade in iron and steel con
tinucs 70 be shown by more divcrsi-
ned volume Of now business. The in
dustry S not yet ready. however. to
accept this change as denOting u fun
damental reversal Of n poor situation.
The maintained inaCtiOn on prices Of
the Steel CORPORATION continues TO be
closely watched by prospective buyers,
and confidence in the market while
somewhat stronger, still is slow 10 re-
Spond.
With the market in it's present unset o
ted stage and business so held in
check. a disposition is growing among
independent producers To follow more
conservative price policies. especially
since many recent quotations are said
to have been below the cost line. The
composite market average Of the Iron
Trade Review this week is S+4.SJ,
against $4J.2J last week. S4J.:I3 two
weeks ago. S4S.S1 in February and
Njl.I@ in January.
SPEC a. % Busilesa Scctioa PubIc L,Gocr
Youngstown. March IS. 3.-AIahoning
valley steel manufacturers this week
nave Il slightly more optimistic outlook
than asst. but the scale Of operations
remains at the same low point il
reached last week. Carnegie operations
may De increased slightly next week
Youngstown Sheet and Tube Co.
put on eight sheet mills Tuesday. The
concern is stil! operating two blast fur
nac"s, three skelp mills. four tube mills
IA" nine.inch bar mill and the plate
mi.
Tube Mills At 40 Per Cent
Ia" kepuoIlc Iron and Stcc 30.
la, IN one blast furnace. six OPEN
hearth furnaces. i've mills ar rt,
Brown Bonnoll plant. six sheet mills
AT Niles aud the tube mills on al 10
pcl cent 40 change took place at tho
plant Of III" rrumbull Steel Co. Tn.
Falron steel, Newton Steel Co. and the
sharon IIuou co. Rrc unchanged. Gen
oral r'ir"UruohUg Go. is running about
60 per cont oi capacity, it is believed
Trusron St"c. 60. has ahout 30 per
u, NJ Of up"rutiouS slight increase.
The indrurnd"ntS are rrrcding from
their pri," cutting Of the last few weeks.
e.olutions having been withdrawn
Iu SON" instances on prudurts which
ruI,rd .u>s :" producers, the manufac-
t.rcr. say The 5000 tons ~ b,acI;
sheets for export to Japan which wuS
taken by the CORtincnta! Steel Co,
selling ugeur for the indencndcuts Of
the valley, are being ailoCatrd this week.
The cost OF construction in Youngs-
town has been reduced between IL and
~ per cent, according 10 contractors
and dealers in materials, because ol
rrdurtions ia materials, an increase in
efficiency Of building workers and by
competition among contractors.
.AkIkMT An" E0p MINIcTEp