The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1936-06-18
STEELLAUNCHE
FORWARD march
Best Outlook for Steel in Five
Years, Says American Iron
and Steel Institute.

The 45th general meeting OF the
American Iron and Steel Institute IN
New York on May % was inspiring, says
.Skilling's Mining Review. 1t was the
consensus of those attending that the
outlook for the steel industry is the pest
in five years. 1t is refreshing ana
stimulating news for a depreSSion-tired
people To appreciate its Importance,
one must consider the countless raml-
fications of steel, and its tremendous in
fluence in restoring and maintaining
prosperity.
Much optimism, however, is re-
minder that always there is fly in the
ointment. The administration at Wash
ington has presented not only to the
steel industry, but all business and in
dustry, hurdles to meet. 1t has been
four years of constantly rising taxes and
unconstitutional legislation. Yet the
leaders of the steel industry face con-
ditionS now with the same superb polSe
that they have faced the NFSA and other
experiments. If they may be permitted
to conduct their business in business
like manner, and not required to assume
burdens that they cannot carry Sue
cesSfully, they are confident of the
future. 1t was most encouraging that
the leaders of the great steel industry
face the future with confidence I'M
impaired.
July l will be a crossroads in the
steel industry. An advance of 81 ton
for steel products becomes effective for
the third quarter. June is expected to
witness large demand for steel by con-
Sumers who take advantage of the OPP
portunity to escape the higher price.
The second quarter will be one Of
greater prosperity for the industry than
either of the preceding two quarters,
but most steel companies have not yet
experienced satisfactory earnings. In
describing July l as a crossroads for
the steel industry, we have in mind that
a great political campaign impends,
that very many orders that might have
been distributed over the third quarter
may be paced in the final month of the
second quarter. The pressure of five
years accumulation of untitled needs in
the steel industry, however, is a potent
thing The release of the demands to
meet these needs began with the auto
mobile industry, it has extended to the
farm industry, the railroad industry
in a measure, and in many other di-
rections. 1t has attained momentum,
and is gathering force, and nothing, it
would seem, can stop further accumu-
lation of momentum and expansion of
demand except further drastic and i'll
considered legislation. It is reasonable
to assume that sanity must return to
the American. people and a sense OF
responsibility to those who direct the
affairs of government.
Many steel men at the meeting eX-
pressed their private opinions and also
their opinions as heads of corporations
in the steel industry.
w. A. Irwin, president of the United
States Steel Corp, said that plants of
of this corporation now are operating at
a higher rate than at any time since
June, 1890. He referred to the increase
in the price of steel as follows: with
the increased cost of production, in
Guiding supplies and equipment, in adj,
dition to taxes and providing for social
security laws, it is necessary to make
the price of steel products more nearly
commensurate with the higher COSTS"