The midland journal. (Rising Sun, Md.) 1885-1947, 1943-04-02
y. S. Steel Reports 1912 Production
28 Per Gent Greater Than World
War | Peak

United States Steel Corporations An-
nual Report for 1912, reporting attain
ment of steel ingot tonnage production
% per cent greater than IN the peak
released as "a production story-and q
financial story-of great war effort.
Production by Y; s. Steel In 1912 Of
more than 30000.000 net tons OF ingots
fiow Of products entering into thou
sands Of items used in prosecuting the
war were described by Irving s. Olds.
Chairman of the Board Of Directors. in
his review of the year contained In the
The victory parade of steel ingots was
listed. as. only one Of several principal
contributions of U. s. Steel to the war
effort. These contributions were emu
merated as follows: First. record vol
not only for the fabrication of essential
war products but also for the creation
of new facilities to make such war
products has been produced. Second
the technical ability representing many
experience has been made available for
the requirements of the Government.
Third. the construction and operation
of vast new facilities for the Govern
have been undertaken. Fourth, millions
Of dollars Of U. s. Steel.s funds have
been expended for various facilities
contributory to the war effort"
A one-page. condensation OF the
the year describes in simple language
what disposition was made Of the
$1,865 ,951 .692 received by the Corpora
ton from sales of its products and ser.
vices during 1912. Employment costs OF
than for the previous year: 1912 taxes
of S204 million were 21% more than in
the preceding year; while dividends to
stockholders remained unchanged. ''he
amount carried forward for future
than in 1871.
Among achievements cited Is the de-
ve1opment of the airplane landing mat.
The serious problem of handling plane
solved with the war time invention by
Carnegie-I Illinois Steel Corporation,
u. S. Steel subsidiary. of a landing mat.
consisting Of portable interlocking steel
sections. It was pronounced the OUT
field Of aviation by the Chief Of the
Army Air Force. AS mass production
methods were evolved, other companies
were licensed to use the process. and
thirty smaller manufacturers are now
producing these landing mat sections
The report reveals that in 1912 one
subsidiary. Federal Shipbuilding and
Dry Dock Company. completed more
OeStrOyerS 1Or the navy OcpdI LlcuI IL
shorter building time than any other
shipyard in the country: A new ship
yard built by this subsidiary for the
Navy Department began operations FIVE
months after, ground was broken; "A
fully equipped shipyard for the produce
tion of the latest type of tank landing
craft was constructed and is being
American Bridge Company. another
subsidiary.
An interesting comparison of the use
OF u. S. Steel'S own resources and OF
Government funds for the expansion of
emergency facilities undertaken by
u. S. Steel from June, 1910, to the end
Of 1872. shows that the ratio Of Y. S.
Steels investment to the use OF Cow
eminent funds was Csc Of its own
money to every dollar of Goyernment
funds used. This compares with ratio
for all industry of 27c of private funds
to one dollar of Government funds.
In this expansion program, Y; s; Steel's
private investment was 1882 900 900. as
compared with S436.000.000 of Govern
ment funds expended. making total of
S718,000.000 expended in the program
Ado.