Rise In Steel Demand Forecast By B.H.P.
(N Z Press Association-Copyright) MELBOURNE, September 4. Broken Hill Proprietary Co. Ltd. directors believed there was good reason to assume that demand for steel, at home and abroad, would rise in the current vear, the chairman (Mr C. Y. Syme) said at the annual meeting in Melbourne today. He said the company’s production was still rising. Capacity was now 3.3 m ingot tons and the company had approached this level in recent months. Last year £26m was spent on capital works. Future plans indicated that, if all went well, expenditure on a similar scale would be required for at least the next several years. Mr Syme said the company’s search for raw materials was now being intensified. The company expected its iron-bearing materials to cost more in the future. So far, dearer materials had not had much effect on costs,‘but he thought . the time was now approaching when raw material costs would have a serious impact.
Shareholders approved an increase in B.H.P.’s nominal capital from £7sm to £loom.
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Press, Volume XCVIII, Issue 28992, 5 September 1959, Page 16
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175Rise In Steel Demand Forecast By B.H.P. Press, Volume XCVIII, Issue 28992, 5 September 1959, Page 16
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