Fudd, partly a steel merchant (5)

I believe the answer is:

elmer

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'fudd' is the definition.
I know nothing about this answer so I cannot judge whether it can be defined by this definition.

'partly a steel merchant' is the wordplay.
'partly' indicates a hidden word.
'ELMER' can be found hidden inside 'a steel merchant'.

Can you help me to learn more?

(Other definitions for elmer that I've seen before include "____ Rice, US dramatist" , "Man" , "name" , "- - Gantry (book, film)" .)

I've seen this clue in the Sydney Morning Herald.

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