form the Lake Superior Investment Co. to acquire Algoma Steel. Although Dunn's role at the time was important, he was still only a minority player and the American investors had control. Algoma Steel went through years of ups and downs, marked by a lack of strong leadership, and in 1935 the company was again forced into receivership, and with it went the city: a plaintive cry for help from the mayor to Dunn details the ordeal. This time, at the age of 61, Dunn engineered a takeover so that he became the sole controlling shareholder thereby allowing him to take the tough but necessary reorganization measures to restore profitability to the steel maker. To accomplish this, he raised capital by negotiating bank loans, selling his beloved art collection and taking stock instead of income. As Algoma Steel's president and chairman of its board of directors, he successfully turned it into one of the largest steel mills of the day and for more than twenty years guided the fortunes of the company he would eventually make into one of the most profitable producers in Canada. However, all was not sweetness and light for the first several years of his presidency: for example, in July 1937, the Bank of Montreal called in its loans—in a repetition of events that had destroyed Algoma under Clergue in 1907—but Morris W. Wilson of the Royal Bank stepped in to carry the day. As Minister for Aircraft Production in wartime Britain, Beaverbrook would appoint Wilson in 1940 to manage his North American ministry. Dunn's intestinal fortitude is responsible for his claim to at least two significant innovations in the industry. Hematite ore was the foundation of the steel industry in 1935, and it was indeed exploited by Algoma. Next to a hematite deposit owned by Algoma was a mountain more than 1,000 feet high but it contained a low-grade ore called siderite. The experts unanimously declared that Dunn, who wanted to exploit this mountain of siderite, was mad. Nowhere else in the world was an ore of this grade in commercial use. In the early months of 1939, a pilot process seemed to indicate success, but in order to be ascertained it would require full production. Dunn carried the investment through to the end and a positive result was his reward. The next innovation which Dunn developed into production at Algoma was then known as the