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The aluminum industry, once a classic example of monopoly, now has six producers—Alcoa, Reynolds, Kaiser, Harvey, Anaconda Aluminum, and Ormet. Merton Peck analyzes the change, due to antitrust action, both formal and “informal” (through federal agencies and Congressional committees). The industry still functions like a monopoly, but improvements have resulted. The author suggests that further drastic antitrust action is unlikely to be worth the cost in reduced efficiency, but makes important proposals for public policy.