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153-447: In 1995, it was one of the three largest producers of plate steel and the largest domestic manufacturer of alloy-plate. It is ranked fourth out of 24 public steel corporations in profitability, earning 14.8% equity five years in a row. The company produces carbon, alloy , and clad steel plates along with stainless steel sheets, strips, plates, hot bands, and slabs. Isaac Pennock established The Federal Slitting Mill in 1793 on Buck Run,

306-626: A deflationary spiral started in 1931. Farmers faced a worse outlook; declining crop prices and a Great Plains drought crippled their economic outlook. At its peak, the Great Depression saw nearly 10% of all Great Plains farms change hands despite federal assistance. At first, the decline in the U.S. economy was the factor that triggered economic downturns in most other countries due to a decline in trade, capital movement, and global business confidence. Then, internal weaknesses or strengths in each country made conditions worse or better. For example,

459-418: A silver standard , almost avoided the depression entirely. The connection between leaving the gold standard as a strong predictor of that country's severity of its depression and the length of time of its recovery has been shown to be consistent for dozens of countries, including developing countries . This partly explains why the experience and length of the depression differed between regions and states around

612-461: A compressive force on neighboring atoms, and smaller atoms exert a tensile force on their neighbors, helping the alloy resist deformation. Sometimes alloys may exhibit marked differences in behavior even when small amounts of one element are present. For example, impurities in semiconducting ferromagnetic alloys lead to different properties, as first predicted by White, Hogan, Suhl, Tian Abrie and Nakamura. Unlike pure metals, most alloys do not have

765-588: A former privately run bank, bearing no relation to the U.S. government (not to be confused with the Federal Reserve ). Unable to pay out to all of its creditors, the bank failed. Among the 608 American banks that closed in November and December 1930, the Bank of United States accounted for a third of the total $ 550 million deposits lost and, with its closure, bank failures reached a critical mass. In an initial response to

918-466: A gaseous state, such as found in a blast furnace to make pig iron (liquid-gas), nitriding , carbonitriding or other forms of case hardening (solid-gas), or the cementation process used to make blister steel (solid-gas). It may also be done with one, more, or all of the constituents in the solid state, such as found in ancient methods of pattern welding (solid-solid), shear steel (solid-solid), or crucible steel production (solid-liquid), mixing

1071-459: A greater reduction in credit. On 5 April 1933, President Roosevelt signed Executive Order 6102 making the private ownership of gold certificates , coins and bullion illegal, reducing the pressure on Federal Reserve gold. British economist John Maynard Keynes argued in The General Theory of Employment, Interest and Money that lower aggregate expenditures in the economy contributed to

1224-588: A hard bronze-head, but a softer bronze-tang, combining the alloys to prevent both dulling and breaking during use. Mercury has been smelted from cinnabar for thousands of years. Mercury dissolves many metals, such as gold, silver, and tin, to form amalgams (an alloy in a soft paste or liquid form at ambient temperature). Amalgams have been used since 200 BC in China for gilding objects such as armor and mirrors with precious metals. The ancient Romans often used mercury-tin amalgams for gilding their armor. The amalgam

1377-596: A modern industrial city handled shortages of money and resources. Often they updated strategies their mothers used when they were growing up in poor families. Cheap foods were used, such as soups, beans and noodles. They purchased the cheapest cuts of meat—sometimes even horse meat—and recycled the Sunday roast into sandwiches and soups. They sewed and patched clothing, traded with their neighbors for outgrown items, and made do with colder homes. New furniture and appliances were postponed until better days. Many women also worked outside

1530-446: A molten metal is mixed with another substance, there are two mechanisms that can cause an alloy to form, called atom exchange and the interstitial mechanism . The relative size of each element in the mix plays a primary role in determining which mechanism will occur. When the atoms are relatively similar in size, the atom exchange method usually happens, where some of the atoms composing the metallic crystals are substituted with atoms of

1683-433: A molten metal may not always mix with another element. For example, pure iron is almost completely insoluble with copper. Even when the constituents are soluble, each will usually have a saturation point , beyond which no more of the constituent can be added. Iron, for example, can hold a maximum of 6.67% carbon. Although the elements of an alloy usually must be soluble in the liquid state, they may not always be soluble in

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1836-402: A monetary contraction first-hand were forced to join the deflationary policy since higher interest rates in countries that performed a deflationary policy led to a gold outflow in countries with lower interest rates. Under the gold standard's price–specie flow mechanism , countries that lost gold but nevertheless wanted to maintain the gold standard had to permit their money supply to decrease and

1989-455: A more concentrated form of iron carbide (Fe 3 C) in the spaces between the pure iron crystals. The steel then becomes heterogeneous, as it is formed of two phases, the iron-carbon phase called cementite (or carbide ), and pure iron ferrite . Such a heat treatment produces a steel that is rather soft. If the steel is cooled quickly, however, the carbon atoms will not have time to diffuse and precipitate out as carbide, but will be trapped within

2142-642: A new rolling mill in Conshohocken , Pa adaptable to stainless and carbon products. This system was called Steckel Mill Advanced Rolling Technology (SMART). The SMART technology was able to produce stainless coil plates up to 102 inches when the former limit was 60 inches. New chairmen and CEO R.W Van Sant sold Flex-O-Light producer of highway safety products, Ludlow-Saylor division, South Central Florida Express, Inc. in 1994 and Energy Coating Co to Dresser Industries Inc in 1995, which brought Lukens $ 70 million. Producing raw steel from an electric-arc furnace at

2295-405: A pioneer in steel metallurgy, took an interest and produced a steel alloy containing around 12% manganese. Called mangalloy , it exhibited extreme hardness and toughness, becoming the first commercially viable alloy-steel. Afterward, he created silicon steel, launching the search for other possible alloys of steel. Robert Forester Mushet found that by adding tungsten to steel it could produce

2448-408: A producer of steel, crushing and conveying machinery, reflective highway signs, and protective coats for oil and gas pipelines, for $ 66 million. The company also bought 3.6 miles of railroad from Conrail called Brandywine Valley Railroad Co . The next year, Lukens would make two small purchases each year and one large every three years with non-steel productions. That same year steel was removed from

2601-563: A serious issue in the 1930s. Support for increasing welfare programs during the depression included a focus on women in the family. The Conseil Supérieur de la Natalité campaigned for provisions enacted in the Code de la Famille (1939) that increased state assistance to families with children and required employers to protect the jobs of fathers, even if they were immigrants. In rural and small-town areas, women expanded their operation of vegetable gardens to include as much food production as possible. In

2754-429: A single melting point , but a melting range during which the material is a mixture of solid and liquid phases (a slush). The temperature at which melting begins is called the solidus , and the temperature when melting is just complete is called the liquidus . For many alloys there is a particular alloy proportion (in some cases more than one), called either a eutectic mixture or a peritectic composition, which gives

2907-474: A small cadre of Labour, but the vast majority of Labour leaders denounced MacDonald as a traitor for leading the new government. Britain went off the gold standard , and suffered relatively less than other major countries in the Great Depression. In the 1931 British election, the Labour Party was virtually destroyed, leaving MacDonald as prime minister for a largely Conservative coalition. In most countries of

3060-699: A standstill agreement froze Germany's foreign liabilities for six months. Germany received emergency funding from private banks in New York as well as the Bank of International Settlements and the Bank of England. The funding only slowed the process. Industrial failures began in Germany, a major bank closed in July and a two-day holiday for all German banks was declared. Business failures were more frequent in July, and spread to Romania and Hungary. The crisis continued to get worse in Germany, bringing political upheaval that finally led to

3213-473: A tributary of Brandywine Creek about four miles south of Coatesville, Pennsylvania . After receiving a loan in 1810, Pennock went into a partnership with Jesse Kersey to form Brandywine Iron Works and Nail Factory. Kersey's father-in-law was Moses Coates, a member of the founding family of Coatesville. After seven years as partners, Pennock bought Kersey's share of the business and then leased it to his son-in-law, Dr. Charles Lloyd Lukens . The following year

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3366-420: A very hard edge that would resist losing its hardness at high temperatures. "R. Mushet's special steel" (RMS) became the first high-speed steel . Mushet's steel was quickly replaced by tungsten carbide steel, developed by Taylor and White in 1900, in which they doubled the tungsten content and added small amounts of chromium and vanadium, producing a superior steel for use in lathes and machining tools. In 1903,

3519-480: A way to harden aluminium alloys for use in machine-gun cartridge cases. Knowing that aluminium-copper alloys were heat-treatable to some degree, Wilm tried quenching a ternary alloy of aluminium, copper, and the addition of magnesium, but was initially disappointed with the results. However, when Wilm retested it the next day he discovered that the alloy increased in hardness when left to age at room temperature, and far exceeded his expectations. Although an explanation for

3672-642: Is a consensus that the Federal Reserve System should have cut short the process of monetary deflation and banking collapse, by expanding the money supply and acting as lender of last resort . If they had done this, the economic downturn would have been far less severe and much shorter. Modern mainstream economists see the reasons in Insufficient spending, the money supply reduction, and debt on margin led to falling prices and further bankruptcies ( Irving Fisher 's debt deflation). The monetarist explanation

3825-576: Is a metal. This is usually called the primary metal or the base metal, and the name of this metal may also be the name of the alloy. The other constituents may or may not be metals but, when mixed with the molten base, they will be soluble and dissolve into the mixture. The mechanical properties of alloys will often be quite different from those of its individual constituents. A metal that is normally very soft ( malleable ), such as aluminium , can be altered by alloying it with another soft metal, such as copper . Although both metals are very soft and ductile ,

3978-761: Is extremely slow thus the penetration was not very deep, so the alloy was not homogeneous. In 1740, Benjamin Huntsman began melting blister steel in a crucible to even out the carbon content, creating the first process for the mass production of tool steel . Huntsman's process was used for manufacturing tool steel until the early 1900s. The introduction of the blast furnace to Europe in the Middle Ages meant that people could produce pig iron in much higher volumes than wrought iron. Because pig iron could be melted, people began to develop processes to reduce carbon in liquid pig iron to create steel. Puddling had been used in China since

4131-400: Is performed by heating the base metal beyond its melting point and then dissolving the solutes into the molten liquid, which may be possible even if the melting point of the solute is far greater than that of the base. For example, in its liquid state, titanium is a very strong solvent capable of dissolving most metals and elements. In addition, it readily absorbs gases like oxygen and burns in

4284-471: Is prevented (forming martensite), most heat-treatable alloys are precipitation hardening alloys, that depend on the diffusion of alloying elements to achieve their strength. When heated to form a solution and then cooled quickly, these alloys become much softer than normal, during the diffusionless transformation, but then harden as they age. The solutes in these alloys will precipitate over time, forming intermetallic phases, which are difficult to discern from

4437-493: Is supported by the contrast in how the crisis progressed in, e.g., Britain, Argentina and Brazil, all of which devalued their currencies early and returned to normal patterns of growth relatively rapidly and countries which stuck to the gold standard , such as France or Belgium. Frantic attempts by individual countries to shore up their economies through protectionist policies – such as the 1930 U.S. Smoot–Hawley Tariff Act and retaliatory tariffs in other countries – exacerbated

4590-523: The 1932 election , Hoover was defeated by Franklin D. Roosevelt , who from 1933 pursued a series of " New Deal " policies and programs to provide relief and create jobs, including the Civilian Conservation Corps , Federal Emergency Relief Administration , Tennessee Valley Authority , and Works Progress Administration . Historians disagree on the effects of the New Deal, with some claiming that

4743-565: The New York Bank of United States – which produced panic and widespread runs on local banks, and the Federal Reserve sat idly by while banks collapsed. Friedman and Schwartz argued that, if the Fed had provided emergency lending to these key banks, or simply bought government bonds on the open market to provide liquidity and increase the quantity of money after the key banks fell, all the rest of

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4896-510: The Wright brothers used a chromium-nickel steel to make the crankshaft for their airplane engine, while in 1908 Henry Ford began using vanadium steels for parts like crankshafts and valves in his Model T Ford , due to their higher strength and resistance to high temperatures. In 1912, the Krupp Ironworks in Germany developed a rust-resistant steel by adding 21% chromium and 7% nickel, producing

5049-611: The bloomery process , it produced very soft but ductile wrought iron . By 800 BC, iron-making technology had spread to Europe, arriving in Japan around 700 AD. Pig iron , a very hard but brittle alloy of iron and carbon, was being produced in China as early as 1200 BC, but did not arrive in Europe until the Middle Ages. Pig iron has a lower melting point than iron, and was used for making cast-iron . However, these metals found little practical use until

5202-525: The coming to power of Hitler's Nazi regime in January 1933. The world financial crisis now began to overwhelm Britain; investors around the world started withdrawing their gold from London at the rate of £2.5 million per day. Credits of £25 million each from the Bank of France and the Federal Reserve Bank of New York and an issue of £15 million fiduciary note slowed, but did not reverse,

5355-408: The solid state. If the metals remain soluble when solid, the alloy forms a solid solution , becoming a homogeneous structure consisting of identical crystals, called a phase . If as the mixture cools the constituents become insoluble, they may separate to form two or more different types of crystals, creating a heterogeneous microstructure of different phases, some with more of one constituent than

5508-447: The 1937 recession that interrupted it). The common view among most economists is that Roosevelt's New Deal policies either caused or accelerated the recovery, although his policies were never aggressive enough to bring the economy completely out of recession. Some economists have also called attention to the positive effects from expectations of reflation and rising nominal interest rates that Roosevelt's words and actions portended. It

5661-795: The British crisis. The financial crisis now caused a major political crisis in Britain in August 1931. With deficits mounting, the bankers demanded a balanced budget; the divided cabinet of Prime Minister Ramsay MacDonald's Labour government agreed; it proposed to raise taxes, cut spending, and most controversially, to cut unemployment benefits 20%. The attack on welfare was unacceptable to the Labour movement. MacDonald wanted to resign, but King George V insisted he remain and form an all-party coalition " National Government ". The Conservative and Liberals parties signed on, along with

5814-533: The Coatesville mill. The workers wanted to eliminate contracting out. Nonunion workers were hired to perform duties not directly tied to making steel along with salaried employees kept the mill running. About 85% of the normal production was kept going during the 105-day walkout that ended with the strikers not getting what they wanted. In 1992, Lukens purchased Washington Steel Corporation for $ 273.7 million. Washington gave Lukens enough volume to rationalize building

5967-619: The Coatesville plant produced 70% of their slabs. The Washington Stainless Group including the Washington Steel Corp's melting, continuous casting and hot-rolling facilities in Houston, Pa and the rolling and finishing facilities were in Washington, Pa . Bethlehem Steel eventually bought Lukens in 1997 for $ 400 million in cash and stock. In 2003, International Steel Group Inc (ISG) bought Bethlehem for $ 1.5 billion. The following year ISG

6120-517: The Depression. Businessmen ignored the mounting national debt and heavy new taxes, redoubling their efforts for greater output to take advantage of generous government contracts. During World War I many countries suspended their gold standard in varying ways. There was high inflation from WWI, and in the 1920s in the Weimar Republic , Austria , and throughout Europe. In the late 1920s there

6273-514: The Dow returning to 294 (pre-depression levels) in April 1930, before steadily declining for years, to a low of 41 in 1932. At the beginning, governments and businesses spent more in the first half of 1930 than in the corresponding period of the previous year. On the other hand, consumers, many of whom suffered severe losses in the stock market the previous year, cut expenditures by 10%. In addition, beginning in

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6426-480: The Federal Reserve did not act to limit the decline of the money supply was the gold standard . At that time, the amount of credit the Federal Reserve could issue was limited by the Federal Reserve Act , which required 40% gold backing of Federal Reserve Notes issued. By the late 1920s, the Federal Reserve had almost hit the limit of allowable credit that could be backed by the gold in its possession. This credit

6579-442: The Great Depression is right, or the traditional Keynesian explanation that a fall in autonomous spending, particularly investment, is the primary explanation for the onset of the Great Depression. Today there is also significant academic support for the debt deflation theory and the expectations hypothesis that – building on the monetary explanation of Milton Friedman and Anna Schwartz – add non-monetary explanations. There

6732-639: The Great Depression. According to the U.S. Senate website, the Smoot–Hawley Tariff Act is among the most catastrophic acts in congressional history. Many economists have argued that the sharp decline in international trade after 1930 helped to worsen the depression, especially for countries significantly dependent on foreign trade. Most historians and economists blame the Act for worsening the depression by seriously reducing international trade and causing retaliatory tariffs in other countries. While foreign trade

6885-670: The Mediterranean, so it was often valued higher than gold. To make jewellery, cutlery, or other objects from tin, workers usually alloyed it with other metals to increase strength and hardness. These metals were typically lead , antimony , bismuth or copper. These solutes were sometimes added individually in varying amounts, or added together, making a wide variety of objects, ranging from practical items such as dishes, surgical tools, candlesticks or funnels, to decorative items like ear rings and hair clips. The earliest examples of pewter come from ancient Egypt, around 1450 BC. The use of pewter

7038-565: The Middle East, people began alloying copper with zinc to form brass. Ancient civilizations took into account the mixture and the various properties it produced, such as hardness , toughness and melting point, under various conditions of temperature and work hardening , developing much of the information contained in modern alloy phase diagrams . For example, arrowheads from the Chinese Qin dynasty (around 200 BC) were often constructed with

7191-473: The New Deal prolonged the Great Depression, as they argue that National Industrial Recovery Act of 1933 and National Labor Relations Act of 1935 restricted competition and established price fixing. John Maynard Keynes did not think that the New Deal under Roosevelt single-handedly ended the Great Depression: "It is, it seems, politically impossible for a capitalistic democracy to organize expenditure on

7344-540: The U.K. economy, which experienced an economic downturn throughout most of the late 1920s, was less severely impacted by the shock of the depression than the U.S. By contrast, the German economy saw a similar decline in industrial output as that observed in the U.S. Some economic historians attribute the differences in the rates of recovery and relative severity of the economic decline to whether particular countries had been able to effectively devaluate their currencies or not. This

7497-485: The U.S. unemployment rate down below 10%. World War II had a dramatic effect on many parts of the American economy. Government-financed capital spending accounted for only 5% of the annual U.S. investment in industrial capital in 1940; by 1943, the government accounted for 67% of U.S. capital investment. The massive war spending doubled economic growth rates, either masking the effects of the Depression or essentially ending

7650-678: The United States, agricultural organizations sponsored programs to teach housewives how to optimize their gardens and to raise poultry for meat and eggs. Rural women made feed sack dresses and other items for themselves and their families and homes from feed sacks. In American cities, African American women quiltmakers enlarged their activities, promoted collaboration, and trained neophytes. Quilts were created for practical use from various inexpensive materials and increased social interaction for women and promoted camaraderie and personal fulfillment. Oral history provides evidence for how housewives in

7803-543: The United States, remained on the gold standard into 1932 or 1933, while a few countries in the so-called "gold bloc", led by France and including Poland, Belgium and Switzerland, stayed on the standard until 1935–36. According to later analysis, the earliness with which a country left the gold standard reliably predicted its economic recovery. For example, The UK and Scandinavia, which left the gold standard in 1931, recovered much earlier than France and Belgium, which remained on gold much longer. Countries such as China, which had

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7956-632: The Wall Street crash, after which the slide continued for three years, which was accompanied by a loss of confidence in the financial system. By 1933, the U.S. unemployment rate had risen to 25 percent, about one-third of farmers had lost their land, and about half of the country's 25,000 banks had gone out of business. Many people, unable to pay mortgages or rent, became homeless and relied on begging or charities to feed themselves. The U.S. federal government initially did little to help. President Herbert Hoover , like many of his fellow Republicans , believed in

8109-516: The aerospace industry, to beryllium-copper alloys for non-sparking tools. An alloy is a mixture of chemical elements , which forms an impure substance (admixture) that retains the characteristics of a metal. An alloy is distinct from an impure metal in that, with an alloy, the added elements are well controlled to produce desirable properties, while impure metals such as wrought iron are less controlled, but are often considered useful. Alloys are made by mixing two or more elements, at least one of which

8262-414: The air, readily combines with most metals to form metal oxides ; especially at higher temperatures encountered during alloying. Great care is often taken during the alloying process to remove excess impurities, using fluxes , chemical additives, or other methods of extractive metallurgy . Alloying a metal is done by combining it with one or more other elements. The most common and oldest alloying process

8415-420: The alloy a unique and low melting point, and no liquid/solid slush transition. Alloying elements are added to a base metal, to induce hardness , toughness , ductility, or other desired properties. Most metals and alloys can be work hardened by creating defects in their crystal structure. These defects are created during plastic deformation by hammering, bending, extruding, et cetera, and are permanent unless

8568-429: The alloy. However, most alloys were not created until the 1900s, such as various aluminium, titanium , nickel , and magnesium alloys . Some modern superalloys , such as incoloy , inconel, and hastelloy , may consist of a multitude of different elements. An alloy is technically an impure metal, but when referring to alloys, the term impurities usually denotes undesirable elements. Such impurities are introduced from

8721-444: The atomic arrangement that forms the alloy. They can be further classified as homogeneous (consisting of a single phase), or heterogeneous (consisting of two or more phases) or intermetallic . An alloy may be a solid solution of metal elements (a single phase, where all metallic grains (crystals) are of the same composition) or a mixture of metallic phases (two or more solutions, forming a microstructure of different crystals within

8874-455: The banks would not have fallen after the large ones did, and the money supply would not have fallen as far and as fast as it did. With significantly less money to go around, businesses could not get new loans and could not even get their old loans renewed, forcing many to stop investing. This interpretation blames the Federal Reserve for inaction, especially the New York branch . One reason why

9027-635: The base metal. Unlike steel, in which the solid solution separates into different crystal phases (carbide and ferrite), precipitation hardening alloys form different phases within the same crystal. These intermetallic alloys appear homogeneous in crystal structure, but tend to behave heterogeneously, becoming hard and somewhat brittle. In 1906, precipitation hardening alloys were discovered by Alfred Wilm . Precipitation hardening alloys, such as certain alloys of aluminium, titanium, and copper, are heat-treatable alloys that soften when quenched (cooled quickly), and then harden over time. Wilm had been searching for

9180-554: The base metals and alloying elements, but are removed during processing. For instance, sulfur is a common impurity in steel. Sulfur combines readily with iron to form iron sulfide , which is very brittle, creating weak spots in the steel. Lithium , sodium and calcium are common impurities in aluminium alloys, which can have adverse effects on the structural integrity of castings. Conversely, otherwise pure-metals that contain unwanted impurities are often called "impure metals" and are not usually referred to as alloys. Oxygen, present in

9333-573: The beginning of the Depression. The Depression was preceded by a period of industrial growth and social development known as the " Roaring Twenties ". Much of the profit generated by the boom was invested in speculation , such as on the stock market , which resulted in growing wealth inequality . Banks were subject to minimal regulation under laissez-faire economic policies, resulting in loose lending and widespread debt. By 1929, declining spending had led to reductions in manufacturing output and rising unemployment . Share values continued to rise until

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9486-465: The behavior of housewives. The common view among economic historians is that the Great Depression ended with the advent of World War II . Many economists believe that government spending on the war caused or at least accelerated recovery from the Great Depression, though some consider that it did not play a very large role in the recovery, though it did help in reducing unemployment. The rearmament policies leading up to World War II helped stimulate

9639-426: The carbon atoms are said to be in solution in the iron, forming a particular single, homogeneous, crystalline phase called austenite . If the steel is cooled slowly, the carbon can diffuse out of the iron and it will gradually revert to its low temperature allotrope. During slow cooling, the carbon atoms will no longer be as soluble with the iron, and will be forced to precipitate out of solution, nucleating into

9792-458: The collapse in global trade, contributing to the depression. By 1933, the economic decline pushed world trade to one third of its level compared to four years earlier. While the precise causes for the occurrence of the Great depression are disputed and can be traced to both global and national phenomena, its immediate origins are most conveniently examined in the context of the U.S. economy, from which

9945-442: The company and Charles Lukens Huston who became works manager. By 1882 Charles Lukens Huston made it a part of his daily routine to go around the mill and meet all the employees and was proud to be able to greet them by name. He also performed sermons to the men and women that worked and wanted to listen. Sales offices began to open all over, including Baltimore , Boston , Cincinnati , New Orleans and New York City . Not long after

10098-637: The company and the state of the commerce that was happening at the time. On September 28, 2020, Cleveland-Cliffs Inc. entered into a definitive agreement to acquire the United States steel mill interests of ArcelorMittal , including Lukens. Alloy An alloy is a mixture of chemical elements of which in most cases at least one is a metallic element, although it is also sometimes used for mixtures of elements; herein only metallic alloys are described. Most alloys are metallic and show good electrical conductivity , ductility , opacity , and luster , and may have properties that differ from those of

10251-402: The company lost money but returned into good fortune in 1929 with a net income of $ 876,563 on sales nearing $ 20.4 million. Wolcott pushed the company through the tough times of The Great Depression . Production rates fell from 446,774 tons to 165,731 tons. Wolcott made a lot of cost reductions, intensive sales, and additional services such as partial fabrications before shipment in attempt to save

10404-440: The company's debt was reduced and it was ready to prepare for the incoming demands of World War II . The U.S. Navy built a finishing mill that Lukens leased and operated to meet the demands. They named a Liberty ship after Rebecca Lukens. When 1944 rolled around the employment reached a record high of 6,166. As the war came to a close the profits hit a new record of $ 2.8 million, net sales hit $ 61.5 million and production of steel

10557-532: The company. In 1930 the clad plate, which includes permanent bonding of two or more different metals that protects against rust, corrosion and abrasion, was brought to the production line. This gave Lukens the biggest inclusive line of clad steel in the business. 1937 led to an agreement with the Steel Workers Organization Committee. They accommodated the union members for a compromised agreement pertaining to wages, hours and benefits. By 1940

10710-475: The crash was a mere symptom of more general economic trends of the time, which had already been underway in the late 1920s. A contrasting set of views, which rose to prominence in the later part of the 20th century, ascribes a more prominent role to failures of monetary policy . According to those authors, while general economic trends can explain the emergence of the downturn, they fail to account for its severity and longevity; they argue that these were caused by

10863-620: The crisis, the U.S. Congress passed the Smoot–Hawley Tariff Act on 17 June 1930. The Act was ostensibly aimed at protecting the American economy from foreign competition by imposing high tariffs on foreign imports. The consensus view among economists and economic historians (including Keynesians , Monetarists and Austrian economists ) is that the passage of the Smoot–Hawley Tariff had, in fact, achieved an opposite effect to what

11016-502: The crystals internally. Some alloys, such as electrum —an alloy of silver and gold —occur naturally. Meteorites are sometimes made of naturally occurring alloys of iron and nickel , but are not native to the Earth. One of the first alloys made by humans was bronze, which is a mixture of the metals tin and copper. Bronze was an extremely useful alloy to the ancients, because it is much stronger and harder than either of its components. Steel

11169-633: The decade. The Depression had devastating economic effects on both wealthy and poor countries: all experienced drops in personal income , prices ( deflation ), tax revenues, and profits. International trade fell by more than 50%, and unemployment in some countries rose as high as 33%. Cities around the world , especially those dependent on heavy industry , were heavily affected. Construction virtually halted in many countries, and farming communities and rural areas suffered as crop prices fell by up to 60%. Faced with plummeting demand and few job alternatives, areas dependent on primary sector industries suffered

11322-408: The depression. Not all governments enforced the same measures of protectionism. Some countries raised tariffs drastically and enforced severe restrictions on foreign exchange transactions, while other countries reduced "trade and exchange restrictions only marginally": The gold standard was the primary transmission mechanism of the Great Depression. Even countries that did not face bank failures and

11475-435: The domestic price level to decline ( deflation ). There is also consensus that protectionist policies, and primarily the passage of the Smoot–Hawley Tariff Act , helped to exacerbate, or even cause the Great Depression. Some economic studies have indicated that the rigidities of the gold standard not only spread the downturn worldwide, but also suspended gold convertibility (devaluing the currency in gold terms) that did

11628-402: The drop in demand. Monetarists believe that the Great Depression started as an ordinary recession, but the shrinking of the money supply greatly exacerbated the economic situation, causing a recession to descend into the Great Depression. Economists and economic historians are almost evenly split as to whether the traditional monetary explanation that monetary forces were the primary cause of

11781-427: The economies of Europe in 1937–1939. By 1937, unemployment in Britain had fallen to 1.5 million. The mobilization of manpower following the outbreak of war in 1939 ended unemployment. The American mobilization for World War II at the end of 1941 moved approximately ten million people out of the civilian labor force and into the war. This finally eliminated the last effects from the Great Depression and brought

11934-427: The elements via solid-state diffusion . By adding another element to a metal, differences in the size of the atoms create internal stresses in the lattice of the metallic crystals; stresses that often enhance its properties. For example, the combination of carbon with iron produces steel, which is stronger than iron, its primary element. The electrical and thermal conductivity of alloys is usually lower than that of

12087-576: The end of the month. A large sell-off of stocks began in mid-October. Finally, on 24 October, Black Thursday , the American stock market crashed 11% at the opening bell. Actions to stabilize the market failed, and on 28 October, Black Monday, the market crashed another 12%. The panic peaked the next day on Black Tuesday, when the market saw another 11% drop. Thousands of investors were ruined, and billions of dollars had been lost; many stocks could not be sold at any price. The market recovered 12% on Wednesday but by then significant damage had been done. Though

12240-494: The explanations of the Keynesians and monetarists. The consensus among demand-driven theories is that a large-scale loss of confidence led to a sudden reduction in consumption and investment spending. Once panic and deflation set in, many people believed they could avoid further losses by keeping clear of the markets. Holding money became profitable as prices dropped lower and a given amount of money bought ever more goods, exacerbating

12393-443: The family business to become a co-founder of The Bank of Chester Valley. After Gibbons left, Isabella took the role as senior partner through her mother's estate. She also bought her sister Martha's share. Huston went on to build a new steam-powered mill in 1870. During 1881 the company started to produce steel and iron and changed the name from Gibbons and Huston to Charles Huston and Sons. After Rebecca died Isabella and Charles changed

12546-503: The few women in the labor force, layoffs were less common in the white-collar jobs and they were typically found in light manufacturing work. However, there was a widespread demand to limit families to one paid job, so that wives might lose employment if their husband was employed. Across Britain, there was a tendency for married women to join the labor force, competing for part-time jobs especially. In France, very slow population growth, especially in comparison to Germany continued to be

12699-466: The first airplane engine in 1903. During the time between 1865 and 1910, processes for extracting many other metals were discovered, such as chromium, vanadium, tungsten, iridium , cobalt , and molybdenum, and various alloys were developed. Prior to 1910, research mainly consisted of private individuals tinkering in their own laboratories. However, as the aircraft and automotive industries began growing, research into alloys became an industrial effort in

12852-416: The first century, and was introduced in Europe during the 1700s, where molten pig iron was stirred while exposed to the air, to remove the carbon by oxidation . In 1858, Henry Bessemer developed a process of steel-making by blowing hot air through liquid pig iron to reduce the carbon content. The Bessemer process led to the first large scale manufacture of steel. Steel is an alloy of iron and carbon, but

13005-499: The first stainless steel. Due to their high reactivity, most metals were not discovered until the 19th century. A method for extracting aluminium from bauxite was proposed by Humphry Davy in 1807, using an electric arc . Although his attempts were unsuccessful, by 1855 the first sales of pure aluminium reached the market. However, as extractive metallurgy was still in its infancy, most aluminium extraction-processes produced unintended alloys contaminated with other elements found in

13158-501: The first week of June, 540 million in the second, and 150 million in two days, 19–20 June. Collapse was at hand. U.S. President Herbert Hoover called for a moratorium on payment of war reparations . This angered Paris, which depended on a steady flow of German payments, but it slowed the crisis down, and the moratorium was agreed to in July 1931. An International conference in London later in July produced no agreements but on 19 August

13311-400: The form of a high-manganese pig-iron called spiegeleisen ), which helped remove impurities such as phosphorus and oxygen; a process adopted by Bessemer and still used in modern steels (albeit in concentrations low enough to still be considered carbon steel). Afterward, many people began experimenting with various alloys of steel without much success. However, in 1882, Robert Hadfield , being

13464-599: The government tried to reshape private household consumption under the Four-Year Plan of 1936 to achieve German economic self-sufficiency. The Nazi women's organizations, other propaganda agencies and the authorities all attempted to shape such consumption as economic self-sufficiency was needed to prepare for and to sustain the coming war. The organizations, propaganda agencies and authorities employed slogans that called up traditional values of thrift and healthy living. However, these efforts were only partly successful in changing

13617-519: The home, or took boarders, did laundry for trade or cash, and did sewing for neighbors in exchange for something they could offer. Extended families used mutual aid—extra food, spare rooms, repair-work, cash loans—to help cousins and in-laws. In Japan, official government policy was deflationary and the opposite of Keynesian spending. Consequently, the government launched a campaign across the country to induce households to reduce their consumption, focusing attention on spending by housewives. In Germany,

13770-514: The initial crisis spread to the rest of the world. In the aftermath of World War I , the Roaring Twenties brought considerable wealth to the United States and Western Europe. Initially, the year 1929 dawned with good economic prospects: despite a minor crash on 25 March 1929, the market seemed to gradually improve through September. Stock prices began to slump in September, and were volatile at

13923-474: The interstices, but some of the iron atoms are substituted by nickel and chromium atoms. The use of alloys by humans started with the use of meteoric iron , a naturally occurring alloy of nickel and iron. It is the main constituent of iron meteorites . As no metallurgic processes were used to separate iron from nickel, the alloy was used as it was. Meteoric iron could be forged from a red heat to make objects such as tools, weapons, and nails. In many cultures it

14076-551: The introduction of crucible steel around 300 BC. These steels were of poor quality, and the introduction of pattern welding , around the 1st century AD, sought to balance the extreme properties of the alloys by laminating them, to create a tougher metal. Around 700 AD, the Japanese began folding bloomery-steel and cast-iron in alternating layers to increase the strength of their swords, using clay fluxes to remove slag and impurities. This method of Japanese swordsmithing produced one of

14229-405: The iron crystals. When rapidly cooled, a diffusionless (martensite) transformation occurs, in which the carbon atoms become trapped in solution. This causes the iron crystals to deform as the crystal structure tries to change to its low temperature state, leaving those crystals very hard but much less ductile (more brittle). While the high strength of steel results when diffusion and precipitation

14382-543: The lack of an adequate response to the crises of liquidity that followed the initial economic shock of 1929 and the subsequent bank failures accompanied by a general collapse of the financial markets. After the Wall Street Crash of 1929 , when the Dow Jones Industrial Average dropped from 381 to 198 over the course of two months, optimism persisted for some time. The stock market rose in early 1930, with

14535-512: The market entered a period of recovery from 14 November until 17 April 1930, the general situation had been a prolonged slump. From 17 April 1930 until 8 July 1932, the market continued to lose 89% of its value. Despite the crash, the worst of the crisis did not reverberate around the world until after 1929. The crisis hit panic levels again in December 1930, with a bank run on the Bank of United States ,

14688-450: The metal is recrystallized . Otherwise, some alloys can also have their properties altered by heat treatment . Nearly all metals can be softened by annealing , which recrystallizes the alloy and repairs the defects, but not as many can be hardened by controlled heating and cooling. Many alloys of aluminium, copper, magnesium , titanium, and nickel can be strengthened to some degree by some method of heat treatment, but few respond to this to

14841-485: The metal). Examples of alloys include red gold ( gold and copper ), white gold (gold and silver ), sterling silver (silver and copper), steel or silicon steel ( iron with non-metallic carbon or silicon respectively), solder , brass , pewter , duralumin , bronze , and amalgams . Alloys are used in a wide variety of applications, from the steel alloys, used in everything from buildings to automobiles to surgical tools, to exotic titanium alloys used in

14994-414: The mid-1930s, a severe drought ravaged the agricultural heartland of the U.S. Interest rates dropped to low levels by mid-1930, but expected deflation and the continuing reluctance of people to borrow meant that consumer spending and investment remained low. By May 1930, automobile sales declined to below the levels of 1928. Prices, in general, began to decline, although wages held steady in 1930. Then

15147-464: The mill became the first in the United States to produce boilerplates and soon joined the shipbuilding industry. In 1818, Lukens produced the iron for the first iron-hull vessel in the United States. Dr. Charles Lloyd Lukens died in 1825, leaving the steel mill to his wife Rebecca Lukens . This inheritance made Rebecca Lukens the first woman in the United States to be a part of the iron industry. She

15300-423: The monetary base and by not injecting liquidity into the banking system to prevent it from crumbling, the Federal Reserve passively watched the transformation of a normal recession into the Great Depression. Friedman and Schwartz argued that the downward turn in the economy, starting with the stock market crash, would merely have been an ordinary recession if the Federal Reserve had taken aggressive action. This view

15453-496: The most to make recovery possible. Every major currency left the gold standard during the Great Depression. The UK was the first to do so. Facing speculative attacks on the pound and depleting gold reserves , in September 1931 the Bank of England ceased exchanging pound notes for gold and the pound was floated on foreign exchange markets. Japan and the Scandinavian countries followed in 1931. Other countries, such as Italy and

15606-427: The most. The outbreak of World War II in 1939 ended the Depression, as it stimulated factory production, providing jobs for women as militaries absorbed large numbers of young, unemployed men. The precise causes for the Great Depression are disputed. One set of historians, for example, focuses on non-monetary economic causes. Among these, some regard the Wall Street crash itself as the main cause; others consider that

15759-426: The name again to Lukens Steel Company. Continuing through the year Lukens started to produce 204 inch steel plates making it the creator of the world's largest plate. Two years later the plates increased another two inches to 206, securing the mill's stature as producer of the world's plates for over 40 years. In 1925 Abram Huston's son-in-law, Robert Wolcott, took his place as president of the mill. During World War I

15912-400: The name to Lukens Rolling Mill. With all the changes another mill had to be built in 1890 making the company the largest mill in the United States. Within the same year the mill changed from a family partnership to a corporation, converting the name to Lukens Iron and Steel. Several years later in 1897 Dr. Huston died leaving the company to his sons, Abram Francis Huston who became president of

16065-433: The name to become Lukens Inc. From January through September 1982 in order to decrease costs the company reduced its work force by 22% and cut employee's pay 10%. Over the following year the mill lost $ 14 million putting it back into the red zone for the first time since 1938. Profit came back when Wilson cut costs by $ 50 million over four years. In order to do so he had to let go of half of the white-collar salaried staff. He

16218-568: The need to balance the national budget and was unwilling to implement expensive welfare spending . In 1930, Hoover signed the Smoot–Hawley Tariff Act , which taxed imports with the intention of encouraging buyers to purchase American products, which worsened the Depression because foreign governments retaliated with tariffs on American exports. In 1932, Hoover established the Reconstruction Finance Corporation , which offered loans to businesses and support to local governments. In

16371-421: The open-hearth furnaces. Economic problems hit the company hard in the late 70's. High energy costs, interest rates, and employment costs as well as competition from other metals and cheap imported material put a decrease on net income from 4.2% to 1.3% and plates sales dropped from 11% to 8%. W.R. Wilson became president and chief executive officer in 1980. In 1981, Lukens acquired General Steel Industries Inc. ,

16524-526: The opening the mill became the largest producer of open-hearth steel and steel plates on the Eastern side of the United States. The Lukens Main Office Building was erected in 1902, and later expanded in 1916. In 1903 Lukens had a new addition put on, a steam-driven mill that produced 136 inch wide steel plates. These were the largest plates being created in the United States. During 1917 the company adjusted

16677-455: The ore; the most abundant of which was copper. These aluminium-copper alloys (at the time termed "aluminum bronze") preceded pure aluminium, offering greater strength and hardness over the soft, pure metal, and to a slight degree were found to be heat treatable. However, due to their softness and limited hardenability these alloys found little practical use, and were more of a novelty, until the Wright brothers used an aluminium alloy to construct

16830-418: The other constituent. This is called a substitutional alloy . Examples of substitutional alloys include bronze and brass, in which some of the copper atoms are substituted with either tin or zinc atoms respectively. In the case of the interstitial mechanism, one atom is usually much smaller than the other and can not successfully substitute for the other type of atom in the crystals of the base metal. Instead,

16983-416: The other. However, in other alloys, the insoluble elements may not separate until after crystallization occurs. If cooled very quickly, they first crystallize as a homogeneous phase, but they are supersaturated with the secondary constituents. As time passes, the atoms of these supersaturated alloys can separate from the crystal lattice, becoming more stable, and forming a second phase that serves to reinforce

17136-400: The phenomenon was not provided until 1919, duralumin was one of the first "age hardening" alloys used, becoming the primary building material for the first Zeppelins , and was soon followed by many others. Because they often exhibit a combination of high strength and low weight, these alloys became widely used in many forms of industry, including the construction of modern aircraft . When

17289-483: The physical volume of exports fall, but also the prices fell by about 1 ⁄ 3 as written. Hardest hit were farm commodities such as wheat, cotton, tobacco, and lumber. Governments around the world took various steps into spending less money on foreign goods such as: "imposing tariffs, import quotas, and exchange controls". These restrictions triggered much tension among countries that had large amounts of bilateral trade, causing major export-import reductions during

17442-477: The policies prolonged the Depression instead of shortening it. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%; in the U.S., the Depression resulted in a 30% contraction in GDP. Recovery varied greatly around the world. Some economies, such as the U.S., Germany and Japan started to recover by the mid-1930s; others, like France, did not return to pre-shock growth rates until later in

17595-406: The political situation in Europe. In their book, A Monetary History of the United States , Milton Friedman and Anna J. Schwartz also attributed the recovery to monetary factors, and contended that it was much slowed by poor management of money by the Federal Reserve System . Chairman of the Federal Reserve (2006–2014) Ben Bernanke agreed that monetary factors played important roles both in

17748-441: The presence of nitrogen. This increases the chance of contamination from any contacting surface, and so must be melted in vacuum induction-heating and special, water-cooled, copper crucibles . However, some metals and solutes, such as iron and carbon, have very high melting-points and were impossible for ancient people to melt. Thus, alloying (in particular, interstitial alloying) may also be performed with one or more constituents in

17901-636: The pure elements such as increased strength or hardness. In some cases, an alloy may reduce the overall cost of the material while preserving important properties. In other cases, the mixture imparts synergistic properties such as corrosion resistance or mechanical strength. In an alloy, the atoms are joined by metallic bonding rather than by covalent bonds typically found in chemical compounds. The alloy constituents are usually measured by mass percentage for practical applications, and in atomic fraction for basic science studies. Alloys are usually classified as substitutional or interstitial alloys , depending on

18054-415: The pure metals. The physical properties, such as density , reactivity , Young's modulus of an alloy may not differ greatly from those of its base element, but engineering properties such as tensile strength , ductility, and shear strength may be substantially different from those of the constituent materials. This is sometimes a result of the sizes of the atoms in the alloy, because larger atoms exert

18207-443: The purest steel-alloys of the ancient world. While the use of iron started to become more widespread around 1200 BC, mainly because of interruptions in the trade routes for tin, the metal was much softer than bronze. However, very small amounts of steel, (an alloy of iron and around 1% carbon), was always a byproduct of the bloomery process. The ability to modify the hardness of steel by heat treatment had been known since 1100 BC, and

18360-415: The rare material was valued for the manufacture of tools and weapons. Because the ancients could not produce temperatures high enough to melt iron fully, the production of steel in decent quantities did not occur until the introduction of blister steel during the Middle Ages. This method introduced carbon by heating wrought iron in charcoal for long periods of time, but the absorption of carbon in this manner

18513-612: The resulting aluminium alloy will have much greater strength . Adding a small amount of non-metallic carbon to iron trades its great ductility for the greater strength of an alloy called steel. Due to its very-high strength, but still substantial toughness , and its ability to be greatly altered by heat treatment , steel is one of the most useful and common alloys in modern use. By adding chromium to steel, its resistance to corrosion can be enhanced, creating stainless steel , while adding silicon will alter its electrical characteristics, producing silicon steel . Like oil and water,

18666-428: The same degree as does steel. The base metal iron of the iron-carbon alloy known as steel, undergoes a change in the arrangement ( allotropy ) of the atoms of its crystal matrix at a certain temperature (usually between 820 °C (1,500 °F) and 870 °C (1,600 °F), depending on carbon content). This allows the smaller carbon atoms to enter the interstices of the iron crystal. When this diffusion happens,

18819-434: The scale necessary to make the grand experiments which would prove my case—except in war conditions." According to Christina Romer , the money supply growth caused by huge international gold inflows was a crucial source of the recovery of the United States economy, and that the economy showed little sign of self-correction. The gold inflows were partly due to devaluation of the U.S. dollar and partly due to deterioration of

18972-400: The smaller atoms become trapped in the interstitial sites between the atoms of the crystal matrix. This is referred to as an interstitial alloy . Steel is an example of an interstitial alloy, because the very small carbon atoms fit into interstices of the iron matrix. Stainless steel is an example of a combination of interstitial and substitutional alloys, because the carbon atoms fit into

19125-520: The steel beams used in construction of the World Trade Center in New York. 1970 brought completed construction of a $ 12.8 million strand casting facility that produced steel slabs faster and reduced handling costs. By 1974 production of raw steel reach 958,000 tons and net sales reached $ 283.4 million. Huston Jr. retired that year ending the family dynasty since 1810. The following year the mill equipped four enormous electric furnaces that phased out

19278-456: The term alloy steel usually only refers to steels that contain other elements— like vanadium , molybdenum , or cobalt —in amounts sufficient to alter the properties of the base steel. Since ancient times, when steel was used primarily for tools and weapons, the methods of producing and working the metal were often closely guarded secrets. Even long after the Age of Enlightenment , the steel industry

19431-557: The time the largest warships in the world. By the next year the company hit a record profit of $ 41.5 million on sales of $ 644.9 million. Military orders turned the company around once again. The mill supplied alloy plate steel for projects like the Army's Abrams tank and the Navy's Aegis class cruisers , ballistic missiles and submarines . Around October 1991 a walkout over financial and healthcare issues caused 1,200 plus workers at Lukens to unite at

19584-471: The world, recovery from the Great Depression began in 1933. In the U.S., recovery began in early 1933, but the U.S. did not return to 1929 GNP for over a decade and still had an unemployment rate of about 15% in 1940, albeit down from the high of 25% in 1933. There is no consensus among economists regarding the motive force for the U.S. economic expansion that continued through most of the Roosevelt years (and

19737-659: The world. The financial crisis escalated out of control in mid-1931, starting with the collapse of the Credit Anstalt in Vienna in May. This put heavy pressure on Germany, which was already in political turmoil. With the rise in violence of National Socialist ('Nazi') and Communist movements, as well as investor nervousness at harsh government financial policies, investors withdrew their short-term money from Germany as confidence spiraled downward. The Reichsbank lost 150 million marks in

19890-778: The worldwide economic decline and eventual recovery. Bernanke also saw a strong role for institutional factors, particularly the rebuilding and restructuring of the financial system, and pointed out that the Depression should be examined in an international perspective. Women's primary role was as housewives; without a steady flow of family income, their work became much harder in dealing with food and clothing and medical care. Birthrates fell everywhere, as children were postponed until families could financially support them. The average birthrate for 14 major countries fell 12% from 19.3 births per thousand population in 1930, to 17.0 in 1935. In Canada, half of Roman Catholic women defied Church teachings and used contraception to postpone births. Among

20043-422: The years following 1910, as new magnesium alloys were developed for pistons and wheels in cars, and pot metal for levers and knobs, and aluminium alloys developed for airframes and aircraft skins were put into use. The Doehler Die Casting Co. of Toledo, Ohio were known for the production of Brastil , a high tensile corrosion resistant bronze alloy. The Great Depression The Great Depression

20196-639: Was a scramble to deflate prices to get the gold standard's conversation rates back on track to pre-WWI levels, by causing deflation and high unemployment through monetary policy. In 1933 FDR signed Executive Order 6102 and in 1934 signed the Gold Reserve Act . The two classic competing economic theories of the Great Depression are the Keynesian (demand-driven) and the Monetarist explanation. There are also various heterodox theories that downplay or reject

20349-443: Was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty; drastic reductions in liquidity , industrial production, and trade; and widespread bank and business failures around the world. The economic contagion began in 1929 in the United States , the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered

20502-478: Was a small part of overall economic activity in the U.S. and was concentrated in a few businesses like farming, it was a much larger factor in many other countries. The average ad valorem (value based) rate of duties on dutiable imports for 1921–1925 was 25.9% but under the new tariff it jumped to 50% during 1931–1935. In dollar terms, American exports declined over the next four years from about $ 5.2 billion in 1929 to $ 1.7 billion in 1933; so, not only did

20655-561: Was also able to straighten out a thirteen-year lawsuit by agreeing to pay 1,300 black workforce members $ 2.5 million in reimbursement and arranged to put a target to fill 18% of its hours and salary positions with black workers. 1988 earned a profit of $ 33.4 million on sales of $ 605.3 million and Lukens sold Canadian Lukens. The company won the largest single order in history. It consisted of a $ 74 million contract to supply carbon and military alloy plates over five years to be used in construction of two Nimitz-class nuclear aircraft carriers , at

20808-418: Was also the first female chief executive officer of an industrial company. She became a huge icon for the steel mill when she saved it from bankruptcy by making the company the nation's chief producer of boilerplates . They were sent to England to be used in some of the first railway locomotives. When Rebecca retired in 1847 she became a silent partner with Abraham Gibbons, who was one of her sons-in-law, and

20961-824: Was another common alloy. However, in ancient times, it could only be created as an accidental byproduct from the heating of iron ore in fires ( smelting ) during the manufacture of iron. Other ancient alloys include pewter , brass and pig iron . In the modern age, steel can be created in many forms. Carbon steel can be made by varying only the carbon content, producing soft alloys like mild steel or hard alloys like spring steel . Alloy steels can be made by adding other elements, such as chromium , molybdenum , vanadium or nickel , resulting in alloys such as high-speed steel or tool steel . Small amounts of manganese are usually alloyed with most modern steels because of its ability to remove unwanted impurities, like phosphorus , sulfur and oxygen , which can have detrimental effects on

21114-422: Was applied as a paste and then heated until the mercury vaporized, leaving the gold, silver, or tin behind. Mercury was often used in mining, to extract precious metals like gold and silver from their ores. Many ancient civilizations alloyed metals for purely aesthetic purposes. In ancient Egypt and Mycenae , gold was often alloyed with copper to produce red-gold, or iron to produce a bright burgundy-gold. Gold

21267-516: Was at 578,461 tons. In 1949 Wolcott was succeeded by Charles Lukens Huston Jr. making him the 5th generation to own the company. The greatest production of steel was in 1953 when the mill produced 763,461 tons. Net sales reached $ 130.5 million and income at $ 10.2 million in 1957. A year later a new steel producing facility was built surrounding a 100-ton electric furnace. The Coatesville mill now covered 725 acres (293 ha) and 3,250,000 square feet (302,000 m) of building space. Lukens supplied

21420-421: Was bought out by Mittal Steel for $ 4.5 billion. In 2006 Mittal Steel and Arcelor merged to make a steel company three times the size of any other steel company for $ 33.6 billion. In early 2015, during the restoration of a home that once belonged to Rebecca Lukens , a trove of business correspondence from 1834 was found inside the walls. Historians have begun studying the letters and fragments to learn more about

21573-535: Was commissioned by the King of Syracuse to find a way to check the purity of the gold in a crown, leading to the famous bath-house shouting of "Eureka!" upon the discovery of Archimedes' principle . The term pewter covers a variety of alloys consisting primarily of tin. As a pure metal, tin is much too soft to use for most practical purposes. However, during the Bronze Age , tin was a rare metal in many parts of Europe and

21726-474: Was endorsed in 2002 by Federal Reserve Governor Ben Bernanke in a speech honoring Friedman and Schwartz with this statement: Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression, you're right. We did it. We're very sorry. But thanks to you, we won't do it again. The Federal Reserve allowed some large public bank failures – particularly that of

21879-426: Was given by American economists Milton Friedman and Anna J. Schwartz . They argued that the Great Depression was caused by the banking crisis that caused one-third of all banks to vanish, a reduction of bank shareholder wealth and more importantly monetary contraction of 35%, which they called "The Great Contraction ". This caused a price drop of 33% ( deflation ). By not lowering interest rates, by not increasing

22032-491: Was in the form of Federal Reserve demand notes. A "promise of gold" is not as good as "gold in the hand", particularly when they only had enough gold to cover 40% of the Federal Reserve Notes outstanding. During the bank panics, a portion of those demand notes was redeemed for Federal Reserve gold. Since the Federal Reserve had hit its limit on allowable credit, any reduction in gold in its vaults had to be accompanied by

22185-446: Was intended. It exacerbated the Great Depression by preventing economic recovery after domestic production recovered, hampering the volume of trade; still there is disagreement as to the precise extent of the Act's influence. In the popular view, the Smoot–Hawley Tariff was one of the leading causes of the depression. In a 1995 survey of American economic historians, two-thirds agreed that the Smoot–Hawley Tariff Act at least worsened

22338-416: Was not generally considered an alloy until the decades between 1930 and 1970 (primarily due to the work of scientists like William Chandler Roberts-Austen , Adolf Martens , and Edgar Bain ), so "alloy steel" became the popular term for ternary and quaternary steel-alloys. After Benjamin Huntsman developed his crucible steel in 1740, he began experimenting with the addition of elements like manganese (in

22491-450: Was often found alloyed with silver or other metals to produce various types of colored gold . These metals were also used to strengthen each other, for more practical purposes. Copper was often added to silver to make sterling silver , increasing its strength for use in dishes, silverware, and other practical items. Quite often, precious metals were alloyed with less valuable substances as a means to deceive buyers. Around 250 BC, Archimedes

22644-588: Was shaped by cold hammering into knives and arrowheads. They were often used as anvils. Meteoric iron was very rare and valuable, and difficult for ancient people to work . Iron is usually found as iron ore on Earth, except for one deposit of native iron in Greenland , which was used by the Inuit . Native copper, however, was found worldwide, along with silver, gold, and platinum , which were also used to make tools, jewelry, and other objects since Neolithic times. Copper

22797-492: Was the hardest of these metals, and the most widely distributed. It became one of the most important metals to the ancients. Around 10,000 years ago in the highlands of Anatolia (Turkey), humans learned to smelt metals such as copper and tin from ore . Around 2500 BC, people began alloying the two metals to form bronze, which was much harder than its ingredients. Tin was rare, however, being found mostly in Great Britain. In

22950-464: Was the rollback of those same reflationary policies that led to the interruption of a recession beginning in late 1937. One contributing policy that reversed reflation was the Banking Act of 1935 , which effectively raised reserve requirements, causing a monetary contraction that helped to thwart the recovery. GDP returned to its upward trend in 1938. A revisionist view among some economists holds that

23103-412: Was the sole manager of the mill. The company was known as A. Gibbons and Company. The following year Gibbons took on his brother-in-law, Dr. Charles Huston as a partner. Dr. Huston was also one of Rebecca's sons-in-law. In 1849 the men renamed the mill Gibbons and Huston. Gibbons had married Rebecca's oldest daughter Martha, while Dr. Charles Huston married the youngest Isabella. Not long after, Gibbons left

23256-557: Was very competitive and manufacturers went through great lengths to keep their processes confidential, resisting any attempts to scientifically analyze the material for fear it would reveal their methods. For example, the people of Sheffield , a center of steel production in England, were known to routinely bar visitors and tourists from entering town to deter industrial espionage . Thus, almost no metallurgical information existed about steel until 1860. Because of this lack of understanding, steel

23409-556: Was widespread across Europe, from France to Norway and Britain (where most of the ancient tin was mined) to the Near East. The alloy was also used in China and the Far East, arriving in Japan around 800 AD, where it was used for making objects like ceremonial vessels, tea canisters, or chalices used in shinto shrines. The first known smelting of iron began in Anatolia , around 1800 BC. Called

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