Word: steel
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Dates: during 1960-1969
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...very well come next spring.) Shastri has maintained his aid arrangements with both the big powers. The U.S. this year will give him $110 million (Washington's biggest aid outlay and due to grow), while the Russians provide nearly as much-including the huge Soviet steel mill planned for Bokaro. India's arsenal now includes both Russian MIGs and American tanks...
...reputation far more than a disruptive strike. The union realizes that if a strike comes, the companies could hold out for quite a while before customers would begin to clamor for a settlement at any cost. Reason: customers have stockpiled between 12 and 14 million extra tons of steel, or a 60-day supply...
Worrying about Washington. Management is equally anxious to come to terms. A strike would enable foreign steel-which is invading the U.S. at a rate of almost 1,000,000 tons monthly-to make further gains, would also encourage customers to switch to more substitute materials such as aluminum and plastics. In addition, both sides have been told by President Johnson to "work things out," are awed and a bit frightened by his determination to avoid an interruption in the nation's industrial growth. They feel certain that the Administration would intervene to prevent a lengthy strike...
...glow in Pittsburgh is reflected around the nation. None of the top policymakers in Washington expect a major strike and neither, so it seems, do steel users. Having built their stockpiles to capacity, some have already cut back September steel orders...
...Steel-labor negotiations are not always governed by cold logic, of course, and the high hopes for settlement could easily be deflated. But as of last week insiders looked forward to stormy sessions leading to a last-minute settlement fairly close to the Steelworkers' demand, followed by selected steel price-increases carefully calculated to avoid Presidential wrath...