But these were only a part-substitute for the cash, steel and skills that post-war Britain lacked.

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He told me of a box on his route that has a steel I-beam for a post and, riding astride it, a regular mailbox set inside a much bigger metal box, the space between the two filled entirely with concrete.

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Normally this would be a formality, with the vice-chairman, Shawn Steel, a lawyer, stepping into the post.

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In 1993 Keith Busse was passed over for the top post at Nucor, the country's largest steel producer.

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By way of comparison, that is less than the half multiple enjoyed by the likes of the Washington Post Company (31.7), US Steel (30.9) and Bank of America (25.7), according to data from FactSet.

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It is often served in a stainless-steel cup and, along with some people-watching, makes a perfect post-train-ride break on a hot day.

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Already, even with American unemployment at record post-war lows and the economy steaming ahead, industries such as steel and memory chips have resorted to anti-dumping suits to protect themselves against imports.

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U.S. Steel will announce its first quarter earnings on Monday, and we expect that it will post better numbers on the back of an improving economic picture.

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