Salt Lake Telegram | 1936-02-06 | Page 5 | Steel Plants to Modernize

STEEL PLANTS TO MODERNIZE DEL MONTE Ca Cal Feb 6 UP UP- UP The Tho ho American steel industry will spend pend approximately in 1936 for modernizing equipment and andor for or new finishing capacity Walter Vatter S. S Tower executive secretary of the American Iron and Steel institute said today He made the announcement in an address before the California state chamber of ot commerce along with witha a plea for a better under understanding of the he alms aims of the industry as a whole That total he said was an in increase increase in- in cre crease e of ot over the 1935 expenditures and a added ded it would add little or nothing to the capacity of the industry to produce raw steel Practically every dollar Is being spent to improve e methods of ot manufacture manu manu- facture and to make a better product product product prod prod- for lor the customer he said Noting employment in the steel Industry has reached a total approximating ap- ap the years of ot peak activity activity ac- ac of 1928 and 1929 Tower pointed jointed out in order for lor there to tobe tobe toe be e any real recovery in the steel industry there must be first a better volume of ot business and second a reasonable degree of ot price stability at a fair level of ot prices Stability of ot prices he said does not in any proper sense of ot the term mean artificially high prices nor does it imply so called rigid fixed prices The price levels for steel products prod prod- he believed must be sufi sufi- dent clent to maintain wage rates for tor workers In the Industry on a scale consistent with American standards of f living and to provide some revard reward reward re- re ward vard for investors