Show UTH IRON WILL BE 01 us UTH in gompel r WITH utah steel corporation announces its plans for opening great ore fields and adding to its big steel mill which are now 14 in operation at midvale atae the utah steel corporation which already has in operation opera tiou at midvale utah a steel mills mar 1 its products throughout the west announced from its general offices in tha th boston building salt lake city last saturday its plans for the development of vast iron ore mines in southern utah and the installation of additional equipment at its midvale plant which will increase its output to tons per month this corporation began business at midvale in 1215 IS 15 with utah capital andl and erected and equipped a plant costing in the six years of its business life the plant has grown to a 00 00 steel mill and is now marketing its products throughout the west lest from the missouri river to the pacific coast according to statements of its officials the capacity of the present plant falls far short of meeting the demands of the market and the contemplated enlargement lar gement is being undertaken not as a speculative venture but to take advantage of opportunities the normal western market affords under certification by the state securities curi ties commission the utah steel corporation has been permitted to dispose of shares of its 8 per cent cumulative preferred stock each share to carry as a bonus one share of common stock of no par value the aim of the corporation will be to obtain this investment of ii S utah so that the earnings of the company as distributed in dividends may stay in the state and continue 90 to develop the resources of the state already r investment has been volunteered by eastern capital one offer being for worth of the com banys stock this offer is from the mckee co of youngstown ohio manufacturers of steel mill equip ment according to vice president ast N of the utah steel cor horation po ration this offer was made after the company had vrans of the utah company and its market opportunities julius nalin kahn president of 0 the steel company the largest manufacturers of steel building products in america said in a letter to mr that he considers the prospects of the utah steel corporation the best of any steel company in the united states in a statement given out at the general offices of the utah steel corporation in salt lake last week mi me said the future ot of the iron and steel industry in utah is assured our present plant has demonstrated the profits that are to be made in this business even when ilien our only raw material is scrap iron we have in utah the largest deposit of 0 high grade iron ore in the united states only miles distant from our midvale mills it is within twenty one miles cf the main line of the salt lake route and a short railroad over a favorable grade is all that is required to bring this ore to our plant we have already bought millions ot of tons of this high grade ore at a highly advantageous price only miles from our midvale plant is one of the worlds largest deposits of high grade coking coal and we liae hae buying arrangements for unlimited quantities of coke under the most favorable conditions limestone is everywhere in the salt lal lake ce valley and we have unlimited supplies within thirty miles of oe our plant some of it much nearer thus we have all the essentials for steel making at our very doors our raw materials can be assembled at our plant more cheaply than at the plant of any other steel company in the country contrast this condition with that faced by the great pittsburg steel mills the famous masaba mesaba or lake superior iron ores which are not so high grade as the utah ore have to be hauled 1200 miles from the mines to the mills even the coking coal is farther from the mills than our j supply at sunnyside Sunny side much of the limestone is hauled great distances not only this but the freight rates are in our favor it costs an average of 15 per ton more to ship manufactured steel from the eastern mills into our market than it will nill cost to ship from our plant on sheet steel and thi plate alone the saving in freight amounts to a year on the normal consumption of 0 this territory this saving would be reflected in the earnings of the utah steel corporation as an extra profit because the selling price of 0 steel products pio ducts is regulated by the price at pittsburg and the delivered price is the elie pittsburg price plus freight we shall begin the construction of 0 sheet mills immediately blast furnaces will take longer to install but will soon be turning out big ton nages and increasing our profits additions dit ioris and enlargements planned will make we the atilt steel corporations corpor i midvale plant a well balanced unit capable ot of returning a handsome profit to itz its stockholders we look lock upon tills mis not alone as a great business venture but too it means a great dual deal tor lor the state aa a whole ho lo 10 it me means a rn n I 1 immediate M med 1 at e an aal I 1 grea great t growth in population it means new payrolls it means a large increase in the demand for housing materials for foodstuffs and clothing for amusements and everything else that larger communities require av Ss this undertaking is not a speculation with an uncertain unc ertan future it is the logical growth of an industry ind that from a very small beginning has already grown to be one of the largest in the state we look for a hearty response from the people of utah and hope that we shall realize our ambition to finance this project wholly within the state and thus keep utah money at home we will welcome investors who are able to sube ribe for only one share of stock which will entitle them to vote at a stockholders meetings and participate in the dividends of the company we have considered men and women of limited means in planning our stock sales and have accordingly arranged to dispose of shares on a partial payment plan that places the stock within the reach of everyone we who have given the steel industry in utah its start are all utah T men and our interests are in this bbate C IV whitley president of the utah steel corporation is also a director in the electric bond share company andis and is vice president of oc the american smelting Sm elting liing refining company the other officers and directors have hare large utah holdings As tor for myself I 1 have been engaged in the metal business in salt lake city for more than thirty five years on tile tho basis of 0 this e experience I 1 can only predict a wonderful future tor for this business in utah |