Word: basinger
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When the steel industry dropped the basing-point system (TIME, July 19), Big Steel's Ben Fairless began to worry about the fate of Pittsburgh. Because it normally makes more steel than local industries can use, he thought some of the steel plants would have to move away to...
Confusion Confounded. The new increase will be piled atop the boosts made last week because of the new f.o.b. system of selling steel. Some of last week's increases: about $5 a ton in Philadelphia, $4-plus in Cleveland, up to $8 in St. Louis. On top of these...
By the time the confusion over basing points is cleared up*-and the new raises added-some steel users expect to be paying as much as $80 a ton for finished steel, up to 30% more than last month. A sprinkling of new wage increases also sent up the prices...
Big Steel's statement about "no recourse" to the contrary, the only pressure to do away with the basing-point system in the steel business was strictly internal. FTC's case against steel was not due to come up for months, and probably could have been kept from...
The effects of this strategy would be widespread. FTC says that there are 191,907 companies which use basing points. As industry's bellwether, Big Steel had set a pattern which thousands would follow. As a result, U.S. consumers might soon have to pay more for a whole lot...