Labor And Steel

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A national committee of the industry recommended early in 1933 a plan which would set up an 132 LABOR AND STEEL Iron and Steel Corporation of Great Britain to coordinate a dozen or so associations each dealing with a group of prod- ucts. The purpose of all these proposals is to reduce or eliminate competition among domestic producers, to concen- trate production in the best plants, and to increase the coun- try's ability to compete in foreign markets. The central government of Germany in 1932 o...btained a controlling inter- est in the United Steel Works ( Vereinigte Stahlwerke), which controls directly over 40% of the crude and finished steel industry and dominates a much larger proportion through indirect participation. The purpose of the step, as reported in the press, was to prevent the properties, which had been pledged as security for foreign loans, from passing into the hands of French and Dutch financiers.
The European iron and steel industries are caught in the same scissors grip as the American industry.


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