| Show 14 A am A wip U S STEEL STE EL PRODUCES FOR VICTORY direct and indirect demands for defense and lend lease needs have reached the equivalent of more than three fourths of U B S steels current steel shipments irving 8 olds olda chairman of the board ot of directors disclosed in the 1941 annual report ot of united states stool steel corporation the report enumerated a wide variety ot of products being manufactured fractured by subsidiaries 0 of 11 S steel for war purposes purposed in addition adl to bomb casings illustrated above and all kinds of rolled and finished steel the list included naval marl maritime tIme and other ships armor and protective dock deck plate unloaded shells forgings gun gull firing mechanisms military pipe lines naval propulsion equipment submarine cable torpedo impulse tasks fabricated landing mats mate wire netting toe for camou camouflage flago steel tor foi cartridge clips and bullot coro core steel the report stated that U S stools shipments ot of rolled and finished steel during the year totaled more than twenty million net tons ari an all time high and an increase of more than one third over the shipments in 1940 the net tons of ingots ingols produced by U S steel subsidiaries also established on an all time record and represented an increase ot of more than one fourth over the 1910 1010 production mr olds pointed out that stool production by no means represents the total contribution of V U S stool to yie the war effort most of U S steels products are further 1 processed or fabricated by other manufacturers whose facilities are re now serving the government in addition nearly one third of the he riat nations ions output of tar ammonium sulphate and as well as substantial quantities of tar adds acids are derived as products byproducts by from V U B S stools steels coking operations nitration tolu olis Is utilized utilize din in the production of explosives and ammonium sulphate will bo be used as fertilizer in increasingly larger quantities cs an the production of many essential agricultural commodities modi ties la Is expanded during 1941 U S steel disposed pt of the 0 ot products product a and services in its history and received for them the largest durif ot of money in its history tho the dollar volume of af sales in 1941 was 18 16 billion but reflecting the effect of df unchanged scheduled prices of prini cipal products in tho the face of increased tax wages and materials costs the net income for 1041 1941 was 41 per cent less than tor for 1929 tile tho corporations 1911 1941 tax bill amounted to cautioning that the tha 1341 1041 not net in ill come cannot be regarded as typical earnings mr air olds stated income in 1941 after income taxes and all charges except interest on funded debt amounted to per percent cent as compared with per cent in 1940 ot of the value of tile tho net assets the latter being the tha total assets less current liabilities the average return tor for the fato year period on this basis was per cent while for or tile tho ton ten year period 1932 1941 which included the deficit years of 1932 1032 1933 1934 and 1938 the he average return was equivalent to 0 per cent of me value of tho the net assets employment by U S steel aver aged approximately for tho the year 1941 1041 a greater number of em aloyes than in any year ot of its history and representing an increase ot of 51 per cent since 1938 the payroll during the same period ln ani creased per cent U 8 steel paid out in the foral form ot wages and salaries to employed emp loyes the equivalent ot of about tor for each day ot of 1941 annual phy payrolls rose to a now new high of compared with the total ot of in 1940 and with J in 1929 although i the ithe average number ot of hours worked per week in 1941 increased only 4 per cent cahnt over and was baill under 40 hours said mr olds average weekly earnings amounting to increased nearly 16 per cent over 1940 1910 11 dividends paid for 1941 were I 1 binl exactly the same amount as aa to tor r 1940 that is for the preferred stockholders the stipulated annual dividend of 7 a share and tor for the common stockholders amoun amounting to 4 ati share |
