Word: speers
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...earnings for all manufacturing industry rose 8%. At U.S. Steel Corp., a 52% plunge in first-half profits has prompted the company to ask 10,000 nonunion and management employees to give up a cost of living raise averaging $19 a month that was due in August. Chairman Edgar Speer also indicated that some operations would be suspended at the company's Youngstown, Ohio, mill, and that construction of a $4.5 billion integrated plant in Conneaut, Ohio, might be postponed. At Bethlehem Steel, where first-half profits dived 88%, the board halved the quarterly dividend, to 250 a share...
...Administration did score one small victory last week in getting a steel price boost shaved down. Two weeks ago, Republic Steel and Youngstown Sheet & Tube raised prices 6.8% to 8.8% on some widely used products. At about the same time, however, U.S. Steel Chairman Edgar Speer breakfasted in Washington with Council of Economic Advisers Chairman Charles Schultze, who urged him to hold the increase to 6%. Last week U.S. Steel did so, and the rest of the industry fell into line. Several Board of Economists members nonetheless view such gentlemanly jawboning as inadequate to stop inflation. Nathan and Pechman predict...
Inauguration, Budget Chief Bert Lance suggested to U.S. Steel Chairman Edgar Speer that the company's proposed price increase for tin-mill products was too high; Speer trimmed it to 4.8%. At week's end, officials of the United Steelworkers Union approved a new three-year contract that provides for an 800-an-hour increase over the life of the agreement. It also makes a modest start toward guaranteeing steelworkers lifetime job security. Union and company spokesmen disagreed on whether the contract, which needs rank-and-file approval, was inflationary...
...steel mills in December raised prices 6% on the flat-rolled metal that goes into autos and appliances, Carter discreetly asked through intermediaries if executives would be willing to reduce the raise. Steelmen refused but got the point for the future. In mid-January, U.S. Steel Chairman Edgar B. Speer visited Bert Lance, who was about to become director of the Office of Management and Budget, to tell him that a raise on tin plate was coming. Lance asked him to return to Washington to talk about it, and a week after the Inauguration, Speer met with Lance, Treasury Secretary...
...Steel President David M. Roderick says the talks were "notification, not negotiation." But Administration officials told TIME Correspondent Philip Taubman that Speer had initially proposed an increase substantially larger than 4.8%, and was talked out of it-by arguments that are still unknown. The White House, in publicly approving the boost, noted that it was considerably lower than the average 6.5% rise in industrial products in 1976. Informally, Lance was jubilant. "This is a major milestone," he says. "It shows that there can be cooperation between business and Government and they can work together to reduce the threat of inflation...