Steel of Ecorse

In Ecorse, Mich., a $25,000,000 steel plant was recently completed by Great Lakes Steel Corp., subsidiary of National Steel Corp. Also in Ecorse, Michigan Steel Corp. has been improving its plant for the past three years, increased its capacity 30% this year alone. President of Michigan Steel is George R. Fink who formed it in 1922, making it the first steel company to have its manufacturing plant in the Detroit area. President of National Steel is also George R. Fink. Therefore no surprise to steelmen was the announcement last week that National will acquire Michigan.

Michigan Steel produces sheet steel, sells it to makers of automobile bodies, railway cars, refrigerators, stoves. Last year it earned $1,652,000, will not do so well this year. National Steel was formed in November 1929, to acquire Weirton Steel Co., Great Lakes Steel and stockholdings of M(arcus) A(lonzo) Hanna & Co. in certain of its subsidiaries. It ranks as the sixth biggest steel company in production, is surpassed only by U. S. Steel and Bethlehem in the extent of its ore reserves. It has girded itself for future growth, spending $7,000,000 on improving Weirton Steel's plants, in addition to the $25,000,000 program in Ecorse. Recently it incorporated Mid-West Steel to build a $50,000,000 plant on a 1,100-acre tract at Gary, Ind.

As National and Michigan Steel have been growing, President Fink has been rising on the steel horizon. He is 45, went to no college. After working in various steel companies, he was assigned the Detroit territory as a sheet salesman for West Penn Steel Co., was later made general sales manager. He suggested a mill in the Detroit area, could not sell the idea to his company. Big Detroiters backed him after he got enough contracts from automobile makers to keep the proposed company busy. This was, of course, Michigan Steel. Last year when he formed Great Lakes Steel he sold $20,000,000 worth of stock to friends without even a prospectus, had the satisfaction of seeing the issue oversubscribed by 50%. His only compensation was the right to buy within five years 20,000 shares at $50, the offering price. Handsome, eloquent, self-assured, he seldom works less than twelve hours a day, is called Busiest Man in Detroit. But sometimes he goes South and plays golf.

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