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Consolidated statement (including all affiliated interests) of 49 steel companies

reporting to American Iron and Steel Institute

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Source: American Iron and Steel Institute—1951 Annual Report: 1951 from release in New York Times, Apr. 13, 1952.

Employment costs and prices per ton, 1946–51

Man-hours per ton

Employment cost

Employment cost

per ton

per hour

Year

Steel

price index

Hours

Index 1

Dollars

Index 1

Dollars

Index 1

1946 1947 1948 1949 1950. 1951.

20.4
18.6
18. 3
18.3
16.9
16.7

100.0
91. 2
89.7
89.7
82.8
81.9

1. 49
1. 63
1. 77
1. 89
2. 05
2. 25

100.0
109. 4
118.8
126.8
137. 6
151.0

30. 46
30. 32
32. 39
34. 59
34. 65
37. 58

100.0

99.5 106.3 113. 6 113.8 123. 4

100.0 118.4 382 1489 155. 2 162.0

1 Indexes: 1946*100—Semifinished and finished steel.

Sources: Prices: U. S. Bureau of Labor Statistics, Office of Price Stabilization, from the annual statistical report, 1950, p. 8, American Iron and Steel Institute.

Other data: Adapted 1929-51

Steel shipments, profits per ton and capacity operated, United States Steel Corp.,

1929-51

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1 Adjusted by gross private domestic investment deflator as used by Department of Commerce. Source: United States Steel Corp., Annual Report for 1951.

Cost of materials, employment costs and profits after taxes, United States Steel Corp.,

[graphic]

Millions of dollars

As percent of products and services sold

Period

Products and services

sold

Employ. ment costs

Products and services

bought

Employ. ment costs

Products and services

bought

Profits after

taxes

1929 1930 1931. 1932 1933 1934 1935. 1936 1937 1938 1939 1940. 1941 1942 1943 1944. 1945. 1946. 1947 1948 1949. 1950. 1951.

$1, 097.4

828.4
548.7
287.7
375.0
420.9
539.4

790.5
1. 028.4

611.1

846.0 1,079.1 1, 622.3 1,863.0 1,972.3 2,082.2 1, 747,3 1, 496.1 2,122.8 2, 481.5 2, 301.7 2, 956.4 3, 524. 1

$410.2 371.7 258.4 138.5 167.9 214.8 253.9 339.0 447.1 294.4 386.5 464.3 628.3 782.7 912.9 957.2 825.5 704, 5

903.6 1,035.7

945.9 1, 179.4 1, 374.5

$350.0 234.8 187.2 141.8 161.4 140.5 191.2 287.5 312.6 228.3 293,5 358.3 604.6 673.4 730.6 814.4 670.1 560.4

839.4 1, 008.9

885.7 1, 118.8 1, 327.9

37.4 44.9 47.1 48. 1 44.8 51,0 47.1 42.9 43. 5 48. 2 45.7 43.0 38.7 42.0 46.3 46.0 47.2 47.1 42.6 41.7 41. 1 39.9 39.0

31.9 28.3 34. 1 49.3 43.0 33. 4 35.4 36.4 33.3 37.4 34.7 33. 2 37.3 36.1 37.0 39.1 38.4 37.5 39.5 40.7 38.5 37.8 37.7

18.0 12.6

2.4 - 24.7 -9.7 -5. 2

.2 6.4

9. 2 -1.3

4.9 9.5 7.2 3.8 3. 2 2.9 3.3 5.9 6.0 5. 2 7.2 7.3 5.2 1 Loss.

Source: United States Steel Corp., Annual Report for 1951.

DATA PRESENTED BY STEEL COMPANIES IN THE WAGE CASE-ESTIMATED Cost

OF WAGE STABILIZATION BOARD RECOMMENDATIONS

Direct increase in employment costs per employee hour

Recommendations

Rate of Cost of increase increase

General increase in wage rates.

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6 paid holidays (including double time for holidays worked).
Increased vacation benefits (3 weeks after 15 years of service).
Increase shift differentials (6 cents for second shift; 9 cents for third shift)
Premium pay for work on Sunday (25 percent of straight-time rate).
Reduction of southern wage differential.

Total direct cost per employee..

1.4 3 3.8

.3

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1 Effective July 1, 1952. : Effective Jan. 1, 1953. 3 Effective Jan. 1, 1953.

Steel capacity, production, and percent of operations (ingots and steel for castings)

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Typical tabulation for the peacetime years before 1940 for an integrated steel company

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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

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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

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Dividends paid by companies representing over 90 percent of the industry

Year

Dividends

Dividends as percent of sales

1946. 1947 1948. 1949. 1950. 1951..

$147, 354, 487
184, 226, 553
205, 354, 170
222, 394, 216
311, 475, 872
307, 472, 321

3.1 2.8 2.5 3.0 3. 3 2. 7 1939=100

Net income of some leading corporations in manufacturing industries for 1950 and

1951

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Steel industry expenditures for new equipment and construction since 1946

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Increases in steel wages and cost of living 1999–51 and January 1952

Average
BLS Cost-of-hourly steel
Living Index wage GBLS

(per hour)

Average Cost of living hourly steel

wage

1939 1940. 1941. 1942 1943 1944. 1945. 1946. 1947 1948. 1949. 1950 1951. January 1952

99.4 100. 2

105. 2 1 117.6 1 126.6 1 129.6 1 133. 6 1 142.8

159.6
171.9
170. 2
171.9
185. 6
189. 1

$0.838
0.844
0.941
1. 018
1. 116
1. 157
1. 179
1: 281
1. 439
1. 580
1. 646
1. 691
1. 856
1. 902

100.0
100.8
105.8
1 118. 3
1 127.0
1 130.5
1 134.0
1 143. 7

160.6 172.9 171. 2 172.9 186.7 190. 2

100.0 100.7 112.3 121.5 133. 2 138. 1 140.7 1529 171.7 1885 1964 201.8 221.5 227.0

1 Adjusted for understatement in the index due to deterioration of quality and unavailability of mer. chandise as recommended by the President's Committee on the Cost of Living

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