Brightening Outlook for Steel Industry
Year-End Stimulus of Booming Automobile Sales
The american steel industry, long plagued by soaring costs, declining profits and intensive competition at home and abroad, looks forward to better times in 1963. Steel production in December, normally a slack month, is expected almost to equal that of November. By next spring, production may reach an annual rate of 110 million ingot tons, or about 70 per cent of steel making capacity.1
Unexpectedly heavy demand for new automobiles and consequent depletion of stockpiled steel are the principal factors behind the recent upsurge in steel activity. New car output last month aggregated 687,390 units, the highest November total in seven years. Current schedules indicate that production in 1962 will be the highest of any year ...