February 24 1932
Monroe plant is temporarily shut down. The Newton Steel Company decides to close the Newton Falls plant.
April 19 1932
For the past several weeks the Monroe plant is operating on a part-week schedule.
April 26 1932
The plant has been open for the past week and will remain open several more days
May 7 1932
The Newton Steel Company signs a contract with the City of Monroe for their share of the cost of developing a new Monroe harbor.
May 10 1932
The Hot Mill, the most crucial part of the plant, resumes activity after being shut down for a week from a lack of business. U.S. Steel, a larger national steel company cuts worker wages by 15%. The Newton Steel Company follows suit, but with lesser wage reductions.
May 25 1932
Around this date, rumors surface about a possible merger with Corrigan-McKinney of Cleveland Ohio. Corrigan-McKinney is the source of raw steel that Newton Steel uses to produce its’ sheet steel.
August 8 1932
After a shutdown of 10 days, the hot mill resumes work.
August 12 1932
Newton Steel reports a loss of $346,900 for the first half of the year.
August 17 1932
A Merger between Newton Steel and Corrigan-McKinney is approved by their stockholders.
December 5 1932
Newton Steel Moves its offices to Cleveland after the merger.
December 31 1932
A full week of production is planned for the next week using 950 workers. |