The New York herald., 1922-05-14
OUTPUT OF STEEL
INGOTS INCREASES
Rate Jumps From 20,0O0,OO0
Tons a Year in December to
35,00O,O0O in March.

PITTSBURGH. May REPRODUCTION Of
steel ingots rose from a rate of less than
20.000.000 tons a year in December to
35.0O0.ooO tons year at the end Of
March and the April rate has shown
a further substantial increase by pro-
ducng at a 100000 ton rate
Superfcially, the coal strike has pre-
vented q continued Increase in steel
production. Practically, II no coal
strike had occurred or been in prospect.
1t is doubtful whether or not steel de-
mand would have been as heavy In tho
last two or three months as 1t has been.
There is no doubt that the consump-
tion of steel has been increasing more
or less for months and that the actual
requirements of buyers are growing
There Is sellers market In steel, and
with that condition existing there Is
much difference in the degree of con-
servatism exhibited by producers OF
steel in quoting prices to regulate GUS
toners and occasional buyers. All di-
vergences from regular prices are up
ward. whether or not In the form Of de-
livery premiums there being no conces-
sions from regular prices.
Steel production has been running
since April / at two-thirds of capacity
or at what may be estimated as full
capacity of 1914. The production rate
Is a low one relative to present capacity
and high one judged by pre-war
standards. Rarely IL ever has the steel
market, noted for its Kaleidoscope
changes, given a more remarkable ex-
hibition of recuperative power. Many
in the trade are disposed to wonder
whether or not the condition is not to"
good to last. 1t, however. is an actual
one, mills being well sold up for two
or three months at their present pro-
duction rate and urging by buyers to
take on additional tonnages for prompt
and future shipment. Certain buyers
are offering contracts for third quarter
and even for fourth quarter, leaving the
mills to set the prices. Part OF the
markets strength is attributable to the
sentimental influence of the coal strike
Increase sheet Operations.
Additions that are advancing prices
have been made to the sheet mills and
because buyers note the upward treno
they are more anxious about third quar-
ter needs. At least two more sheet pro
ducers now name levels announced Oh
April 10 by a valley steel maker ~ a
ton more than the April figures. or 5.oo
cents for black sheets, 450 cents for
galvanized sheets, and 2.75 cents foi
blue annealed sheets, base Pittsburgh.
Four or five others name prices between
those higher levels and those still main
tanned by the American Sheet and Tin
Plate Company, which are 3.15. 4.15, and
o.4O cents, on black. galvanized and
blue annealed sheets. respectively. OPP
erations are slightly Increased. due to
resumption OF activity by the Sharon
Steel Hoop Company. The leading IN
terest increased last week It's sheet mill
operations to 81 per cent. and inoe-
pendents are not far below that fisur'-
Some tonnages of blue annealed sheets
are being booked at 2.40 cents witnouc
difficulty. A few weeks ago plate mill
competition was keen.
Although there Is not a great deal OF
new business in tin plate to report al
mills are well booked ahead. until the
end of June at least, and many plants
including certain units OF the leading
interest, are producing on 100 per cent
basis. New orders are bound 10 IN
crease. however, as makers Will open
soon their books for the third quarter
because on May Is July tin plate speci-
fications will be due. Apparently the
leading interest does not expect 10 IN
crease it's price and. 80 far as can De
learned, S475 a case box OF 100 pounds.
pittsburgh, will continue. The Amer
lean Sheet and Tin Plate Company con-
tinues to operate its tin mills on an
average of 80 per cent. and POSSIBLY
could operate more but for the tighr
condition as regards sheet bars from It's
constituent shee bar source Among
independents business Is reported as
good. and operations maintained a.
around 20 to rs per cent. OF Capacity
The Yorkville tin plate plant OF thes
wheeling Steel Corporation is operating
fourteen of it's twenty-four tin mills
but viii add soon four more to It's active
list =
Buying Hoops md Bands.
The hoop and band mills have had
share of the slight buying movement
that is now on In certain finished steel
nroducts. The Sharon Steel Hoop Com
many Is increasing its finishing mill op-s
erations in order to roll out accumulated
bookings. Producers report orders az
fairly numerous. although none OF tnefii
,s large. They indicate, however, thac
the market is healthy. The minimun>
on hoops and bands Is cents. paso
Pittsburgh Certain consumers are ar
fected by the coal strike more than the
producers.
Structural steel fabrcators report
small awards recently. but only rev
of them amount u iiuCii ih
certain makers nominal quotation OF
|. so cents. base Pittsburgh, Is still main
tanned, but 100 to 10 cents is typi.
cal spread OF to-day's quotations. WITH
n large number of building projects OF
large dimensions in prospect. steel fabri-
Gators are encouraged by the thought OF
n boom in steel structural needs and are
making preparations to handle increased
business. "a,
Buying of plates is hainpered by ais
inclination of makers further to commit
themselves. Many inquiries receivec are
returned with the explanation that, due
to the hampering influence of the coai
strike. II is preferred not to quote. As
high as Ito cents. base Pittsburgh, mas
been quoted on certain Inquiries but l'ov
TO 10 cents Is more representative Oh
the market. although 1.5O cents quo
tation is retained by few makers un-
able TO take tonnage.
There Is a deadlock In the steel scrai'
market. dealers generally having askeo
80 cents to 81 n ton more than consum
ers' ideas. What little activity exists
continues among dealers who have paid
s1s for heavy melting stec!. CERTAIN
pittsburg dealers were awarded fairly
large tonnages from the Pennsylvania
Railroads central region list on that
basis. and apparently bids were MADE
nigh TO permit short covering. although
the trade leans toward the opinion that
the acrap bid In at SIS is to be held for
.,utus~ ,,,arlat The heavy melting