Up until 1940, the profits on sales after taxes fell below 10 percent only when operations fell below 75 percent capacity. The profit exceeded 6 percent on sales even with operations at less than 50 percent capacity. Last year steel earned only 5.7 percent on sales. Today, when steel is operating at around 100 percent of capacity, its profit rate is less than it got when operating at half that level in prewar days. A financial picture of the companies responsible for over 90 percent of the steel industry's ingot production 1 Some of the reporting companies, either directly or indirectly through subsidiary companies, are engaged in activities which are not part of the steel industry and make their reports on a consolidated basis. Hence "net profit after taxes" may include the operations of activities not concerned with steel making. Percent return on net worth earned by companies representing over 90 percent of the industry's ingot production 1946. 1947. 1948. 1949. 1950. 1951. 1946. 1947. 1948. 1949. 1950. 1951. Dividends paid by companies representing over 90 percent of the industry Net income of some leading corporations in manufacturing industries for 1950 and Steel industry expenditures for new equipment and construction since 1946 Increases in steel wages and cost of living 1989–51 and January 1952 1 Adjusted for understatement in the index due to deterioration of quality and unavailability of merchandise as recommended by the President's Committee on the Cost of Living Comparison of steel workers' average hourly and average weekly earnings with wages in other major industries I Would be $2.071 plus other fringe benefits if companies' offer of 124 cents raise plus benefits were included. With WSB recommendations, would be $88.91. Would be $85.12 plus fringe benefits if companies' offer of 1211⁄2 cents plus benefits were included. With WSB recommendations would be $2.158. Source: Bureau of Labor Statistics. |