NEW PROGRESS IN STEEL.

Waikato Times, Volume 113, Issue 18849, 20 January 1933, Page 6

NEW PROGRESS IN STEEL.

A new development of far-reaching importance lo the iron and steel trade of Great Britain is announced. It means the restarting of the manufacture of basic Bessemer steel. At present there is no domestic source for tiie supply of this kind of steel, and British requirements are satisfied by imports of foreign materials. Leaders of the industry have long considered this dependence not only unsatisfactory but dangerous, The vital importance of producing basic Bessemer steel at home will he readily understood when it is realised that of the large quantities of steel imported every year the greater portion of the cheaper classes consists of steel manufactured by this process. The new development is to be carried out by- Messrs Stewarts and Lloyds, Ltd., who have made a careful and prolonged study of the problem, with the active assistance of the Bankers' Industrial Development Company, which was formed by the Bank ol England some time ago Lo facilitate the provision of finance for wedconsidered industrial schemes. An expenditure of about £3,300.000 will be required, and this is lo be provided, under arrangements made by the Bankers’ Company, by a powerful financial group on terms which are described as “very advantageous. ’ Not until after the works are In operation will the loan he refunded by a share or debenture issue, a fact which expresses the confidence of the group in the prospects of the scheme. The new works are to be erected at Corby, in Northamptonshire, where the company has enormous deposits of iron ore, and has proved that pig iron eminently suitable for the manufacture of basic Bessemer steel can be produced at a very low cost. When the plant is finished all the Lubes now manufactured at several tube works from imported materials will be produced on one site at Corby; this concentration alone will enable economies on a large scale to ue effected. 1L is the first considerable scheme of the iron and steel industry which has been designed to take advantage of the new tariff. It is also the first offspring of the Bankers’ Industrial Development Company. 11 promises lo he a lusty infant.