The Oakley herald. [volume] (Oakley, Idaho) 1908-1961, 1922-09-15
PIG IRON PLANT
FOR UTAH FIELDS
PACIFIC STEEL CORPORATION
is CAPITALIZED AT $2o.ooo,ooo
WILL USE STATE PRODUCTS
Complete Transaction of Steel From
Iron Ore to Fabricated Product
To Be object OF New Gil
gantic institution

San Francisco. = Construction at
once of a $7.500.O00 pig iron plant In
Utah will be the first step to follow
formation of the Pacific Steel corpora
ton. capitalized at S20.000000, whose
Incorporation papers are on file IN
Delaware. The new concern financed
by San Francisco, Los Angeles, Seattle
and Salt Lake City banking institu-
lions, will be a combination ard en-
largements OF present steel manufac-
turing plants on the Pacific coast.
Complete transition Of steel from
iron ore to the fabricated product is
one of the objects of the new corpor-
alton which already has acquired
large iron ore and coal deposits in
Utah, 1t was announced here by t. 7.
G. Gregory. the company's attorney.
The newly formed concern will take
over the properties OF the Pacific
Coast Steel company, which has plants
in Seattle, Portland and San Fran
cisco, the Los Angeles plant of the
Southern California Iron and Steel
company, and those of other west
coast steel companies, together with
the iron ore and coal deposits of the
Miner corporation in Utah.
"At the present time there Is no
pig iron manufactured west OF the
Rocky mountains" said Mr.. Gregory.
'and plants here are dependent upon
the east for their supply of both pig
iron and coke. The new corporation
will undertake the complete manufac-
ture of steel from raw material pro-
ducts on the Pacific coast.
1.-THE combination of steel compan-
les will also provide for the acquiring
of immensely valuable iron ore and
coal deposits in Utah which will be
utilized as a source of supply for
raw materials.
"The object of the new corporation
will be. first to establish and build up
big iron industry and source Of
supply in Utah, and with this accom-
plished to increase and expand the
present steel manufacturing industry
on the Pacific coast.
"Only active steel manufacturers
are in the new concern, and 1t will be
an independent corporation. strongly
and adequately financed in every re-
spect."
In addition to the companies al
ready participating In the new COM
bination, Mr.. Gregory also said that it
was probable that the Judson Manu-
featuring company of Oakland, the
second larges. steel plant on the Pa
cific coast, also would be one of the
concerns to join in the great steel en-
terprise.
The announcement Of the $4,000
900 Pacific Steel corporation is the
second big steel manufacturing VEN
ture to be launched here within the
last six weeks.
On July 1 the formation of the Co
lumbia Steel company, with a capital
ization of $15,0OO,O00 and which af-
cected a consolidation of several Cali
n)rnia steel manufacturing plants,
was announced here. Like the newly
organized Pacific Steel corporation,
he Columbia company also has ac-
quired valuable iron and coal lands
Utah and plans to produce its own |
pig iron and coke there for use in |
coast plants.
Wiggingtsn e. Creed. head of the
Pacific Gas & Electric company. is
president of the recently organized
Columbia company.
The $20,000,000 capitalization is In
preferred stock. In add ton there are
100000 shares Of common stock of no
)ar value.