Word: steel
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Dates: during 1960-1969
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...case of other increases, the consumer, as Secretary Boyd warned, is ultimately going to bear the burden. Some industries, notably meat packers, steel companies and chemical firms, said that competition and the threat of Government pressure might force them to absorb the higher rates. But most said they would pass the price increases along...
...British Steel Corporation, a nationalized giant, last week opened for business after a long and turbulent incubation period. Named to head it was a chap about whom his government boss, Minister of Power Richard Marsh, exulted: "He's first-rate. He's got enormous intelligence, breadth, which enables him to get on with unions and everybody else. He's very dynamic, and he works long hours...
...Labor Government, which nationalized steel over the anguished outcry of industry and the Conservative minority, the new man is an astonishing-but shrewd-choice. He is an Etonian, a Tory and a peer-Julian Edward Alfred Mond, 42, third Baron Melchett, grandson of Alfred Mond, founder of Imperial Chemical Industries Ltd., and a successful merchant banker and gentleman farmer in his own right. Thus, in case of fiasco, Labor will always be able to blame a Tory. "It's quite a fascinating thing," he said softly, "to be asked to do something as large and as complicated...
Learning about Steel. It took some asking-three months of what Minister Marsh described as "chasing and persuading"-to land him in the job. The quest began after it became obvious that nothing could stop Labor's comfortable parliamentary majority from acting at last on a basic commitment to nationalize steel. Convinced that the bill is broad enough to permit free action, Lord Melchett finally agreed to serve. A week later he quit his bank, Hill Samuel & Co., Ltd. and was hard at work learning about steel. Said he: "The job now is for capable people-Tory or anything...
Flanked by his hand-picked directors in London's World Commonwealth Society Hall, Lord Melchett outlined his plans. The 14 steel companies that were officially taken over by the government account for over 90% of Britain's 32 million-ton steelmaking capacity, control 60% of its known iron-ore deposits. British Steel Corp. will be a single company, one-third larger than the next biggest steelmaker in Europe (August Thyssen-Hiitte), divided into four geographical groups. "We tried to build the thing logically, taking into account geography, product and raw-material supply," said Lord Melchett...