Big Steel Buys Again

The Carnegie-Illinois Steel Corp. last week laid its money on the line and walked off with the biggest single cash sale the War Assets Administration had ever made. For $65,013,000, the U.S. Steel subsidiary bought the Government-owned steel facilities it had operated at Homestead, Duquesne, and Braddock, Pa. Everybody was happy. WAA clucked agreeably over the price, which it called 100% of the "fair value" and 73% (including rentals already paid) of the plants' original high wartime cost.

The Pennsylvania plants had been virtually earmarked for Carnegie from the beginning. Reason: they were not complete in themselves, as they had been built to tie in with existing Carnegie units in the early days of the war, when speed and capacity were prime considerations. Thus, no other firm could operate them without spending more millions. Only person yet to be heard from is Attorney General Tom C. Clark, who is expected to approve the sale.

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