Word: blough
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With Bewildering Speed. For Roger Blough, the news was bad, bad, very bad. Inland's decision just about wrecked any hopes he had of winning the fight. But even with the outcome all but decided, the Administration kept bludgeoning away. Defense Secretary McNamara announced that he had directed his department to give procurement preferences "where possible" to steel companies that had not raised prices. Providing a persuasive example of what that could mean, the Navy's Bureau of Ships announced that a $5,500,000 order for steel plate for Polaris submarines had just been awarded to Lukens...
...crushing steel in the name of economic stability, Kennedy had deprived himself of a perfect rationale for any future inflation. As it is, Kennedy's own governmental spending may well create an inflationary spiral. And whomever or whatever Kennedy blames for that, it certainly cannot be Roger Blough...
...Blough grossly understated the impact of the steel price boosts, Defense Secretary Robert McNamara, who also should have known better, grossly overstated the impact. He passed on to President Kennedy a wild estimate that the steel price increases would add $1 billion to defense costs. That figure was arrived at by assuming that a 3.5% increase in steel prices would result in a 3.5% increase in the price of everything the Defense Department buys, whether it has any steel in it or not. *Along with recording ups and downs of steel prices, the Dow Jones ticker carried a report that...
...rate in the U.S. was only 14% of the G.N.P.) Now that their profits are narrowing. German businessmen claim that their only recourse is to raise prices. When Economics Minister Ludwig Erhard recently complained about increases of up to 10% in auto prices, automakers answered in words that Roger Blough would echo-that to compete in world markets, their industry needed to "make itself as strong financially as possible...
Productivity & Profits. Big Steel's basic problem was one that struck a responsive chord in the heart of many a U.S. businessman. For four years, argued U.S. Steel Chairman Roger Blough, his company's production and labor costs have been inching up. but its prices have increased not at all-partly because American steel has been meeting increasing competition from lower-cost foreign steel and domestic steel substitutes, such as aluminum, concrete and plastics...