Word: steel
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Dates: during 1960-1969
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...make its first counteroffer to Quill's demand until a bare seven hours before the strike. It then offered a $25 million package, a 3.2% increase that hit exactly the wage-hike guidelines laid down by President Johnson. As a result, Johnson, who had criticized a steel-price increase early last week, was criticized for refusing to step into the New York situation even though Quill's outlandish demands went miles beyond his guidelines. Quill's reaction to the Transit Authority offer: "Peanut package!" He walked out of the negotiations...
...fighting steel," insisted President Johnson. "I'm fighting inflation...
That was undoubtedly true-though the fact was of small solace to the steel industry, which once again found itself publicly cast as villain in a U.S. economic melodrama. It began on the last day of 1965, when the Bethlehem Steel Corp. announced that it was raising its prices on structural steel by $5 a ton, to an average $119. Poor "Bessie." No sooner had the word hit the wire-service tickers than Gardner Ackley, chairman of the President's Council of Economic Advisers, denounced the increase as inflationary; he later charged that Bethlehem was profiteering from the Viet...
...Summons. The nation's second largest steel company, Bethlehem is the leader in structural shapes, with 38% of production. But structural steel itself comprises a mere 7% of total production-and Bethlehem's hike would have added only one-fourth of 1% to the Government's steel price index. Moreover, Bethlehem pointed out, because of new, stronger, lighter structural steels, construction users now pay less than they did five years ago for equivalent jobs...
...unheard. Bethlehem Board Chairman Edmund Martin was summoned to Washington for a confrontation with Ackley and White House Aide Joseph Califano. After 90 minutes, Ackley called in newsmen to repeat his foregone conclusion: Bethlehem's price move was unjustifiable. Meanwhile, other Administration officials warned executives of other steel companies against following Bethlehem's line. Labor Secretary Willard Wirtz, for one, tried to persuade Chicago's Inland Steel, next only to Bethlehem and U.S. Steel as a producer of structural shapes, to stand pat. Wirtz had every reason to believe that Inland and its Chairman Joseph L. Block...