Grease and flour a 10 inch tube pan.
Cream shortening, butter, and sugar til light and fluffy (at least 3 min). Beat in eggs one at a time. Combine flour and baking powder. Add to creamed mixture alternately with milk and vanilla, beginning and ending with the dry ingredients. Stir in pineapple.
Pour batter into pan and place in cold oven. Set at 325 degrees and bake 1 hour 15 min or til toothpick comes out clean.
Prepare pineapple glaze while baking: mix melted butter and powdered sugar til smooth. Stir in drained pineapple.
Cool cake 10-15 min in pan. Turn out onto cake plate. Drizzle with pineapple glaze.
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