GERMANY INVESTS IN CANADA
Exploitation Of Ore Deposits
(Special Correspondent N.Z.P.A.) (Rec. 8 p.m.) LONDON, June 24. Four giant firms in the Ruhr, one headed by Alfred Krupp, the son of Hitler’s chief armaments maker, have joined forces with a United States steel combine to exploit iron ore deposits in Canada, says the political correspondent of the “Daily Express.’’ “This new move by Krupp and his group follows other acquisitions in Canada by Western German industrialists. “The steel firm of Rheinische Wehrenwerk, for instance, set up a £2,250,000 subsidiary in Canada in 1955, and two months ago when new share capital was announced for Canada’s Algoma Steel Corporation a major Dusseldorf company, Mannesmann International, held 200,000 shares.
“Now Volkswagen Motors plan a half million dollar expansion of their marketing facilities in Toronto.’’
Correspondents say that the West German steel industry is competing feverishly with Britain for world markets but the Germans face an eventual shortage of home produced iron ore, so Krupp and associates in their new move on Canada have turned to ore deposits in Ungava Bay, north of Labrador.
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Press, Volume XCV, Issue 28313, 26 June 1957, Page 10
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181GERMANY INVESTS IN CANADA Press, Volume XCV, Issue 28313, 26 June 1957, Page 10
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