STEEL INDUSTRY

Dominion, Volume 22, Issue 73, 19 December 1928, Page 13

STEEL INDUSTRY

IMPORTANT DEVELOPMENT IN BRITAIN BIG CORPORATION FORMED TO ACQUIRE SEVERAL WORKS United Press Association.—By Electric 'Telegraph —Copyright.) ("Times” Cables.) (Rec. December 18, 9.20 p.m.) London, December 17. A big development in the British steel Industry has been signalised by the registration of the English Steel Corporation Limited to acquire certain parts of the business and works of Vickers Limited, Armstrong Limited, and- Cammell, Laird Limited, “to carry on the business of engineers, ironmasters, founders, steelmakers, and manufacturers of armour plate.” It is specially agreed that the new company does not make guns, gun mountings, armoured cars, and tanks. The new company acquires from Vickers Armstrong three works at Sheffield and one at Manchester, and also the plant at Elswick, from Vickers, one plant at Manchester, from Cammell Laird, two works at Sheffield, and also the Yorkshire iron and steel works. Another agreement merges Vickers and the Cammell Laird rail carriage and wagon building works. Mr. Hichens, chairman of Cammell, Laird, and Company, in an interview, expressed the opinion that the merger would have far-reaching developments. It was the first step to the organisation of the home steel industry, and should enable Britain to compete with all her rivals on the world market. The total capital of the companies concerned in the merger is nearly fifty millions.