The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-04-12
S[0SS SHEFFIELD.
A N N j AL REPORT
IS FINE SHOWING
Net Profit for 1922 Is $685.
1913 Against Loss
For 1921

Outstanding items in the annual
report of President j. w. Mcqueen
al the annual meeting of the stock
holders of the Sloss- Sheffield Steel
and Iron company, held in New York
Wednesday, are these:
Net profits of $57S,S93 earned in
1922.
Broad development of the com
pany's foundry coke trade.
Five blast furnaces in operation,
with a sixth about to blow in.
Identification of coal and ore
mines and additions to electric power.
Successful operation of pig iron
barge line from Muscle Shoals fur
naces to middle western markets.
Substantial reduction in bank
loans.
Revival in the iron trade was so
slight during the first half of 1922,s
says President Mcqueen in his report,
that we were unable to Show any
profit for that period, and sub
stantial percentage of the increased
earnings over the third and fourth
quarters was thus absorbed. There
has been steady Improvement in
conditions since the summer of 1922,
and your company at this writing is
approaching maximum production,
which Is being marketed at prices
yielding satisfactory profit
Coke Trade Brouiened.
Referring to the once tremendous
stock of coke at the by-product plant
caused by necessity of operations in
accordance with contract to supply
gas for consumption by the citizens
of Birmingham, the report says: I'VE
are glad to state that beginning with
July, 1922, we were able to sell this
coke to the foundry trade in the i'm
portant consuming centers of the
middle west at a fair profit and the
coke we have on hand is being held
as a reserve for furnace operations.
We believe we are now so firmly
established with this trade that we
can find an outlet from time to time
for any excess production of coke
over current furnace requirements.
To Blow in Furnace.
Five of your blast furnaces have
been in operation continuously since
June, 1922. and the demand for pig
iron justifies the putting in blast of
the sixth furnace, which will be done
within short time. All of your fur
mace plants are being maintained in
good operating condition.
Mines Electrified.
THE power transmission line to
your Sloss ore mine was completed in
August, 1922, and these mines are
being operated electrically at dis
tinct saving. Your important coal
and ore mines are now being sup
piled with electric energy generated
at your central power station, locat-
ed at the by-product plant, and the
wisdom of this expenditure is being
constantly reflected in cost sheets.
An additional unit is being installed
at the central power station so as
to provide for increased power de-
mands.
River Iron Business.
Mention was made in our last re-
port of barging pig iros down the
Tennessee river from Your furnaces
in the Muscle Shoals district to Ohio
river points, and this innovation has
more than met with expectations. IL
not only gives your company an ad-
vantage in meeting competition, but
also relieves somewhat the local rail-
road situation, we being able to load
for other points all cars that the rail-
roads have apportioned to these
plants"
Mention is made of reduction of
hank loans, further large amounts
having been applied since January l.
1923. Notes payable at this writing
are S1,465,000, which is 40 per cent
of the peak in 1921"
Bright Outlook.
In reference to deliveries of iron,
the report says: your company has
always maintained policy of max
ing deliveries promptly in accord
ance with the contract provisions,
and in times like the present, when
there is urgent demand for every ton
of product of pig iron and coke that
can be manufactured, it is crafty
ing to be able to report that ship
ments to our customers are practical
" UP to date. This fact, coupled
with constant efforts to MAINTAIN
the highest quality in our products
prompts us to look to the future,
confidently believing that we Will
secure a good share of all business
offered"
An Associated Press account Of
the annual meeting says all the old
directors were reelected and that net
profits for 1922 were S57S,s93, com
pared with deficit of $1,l13.4i7 IN
1921. The 1922 earnings are equiva-
lent, after all charges, taxes ana
preferred dividends, to $1.09 share
on the common stock.