Word: steele
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Dates: during 1940-1949
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...Rams. Thanks solely to such private contributions, Tecnológico last week was setting the pace for Monterrey, Mexico's fastest growing (pop. 280,000) industrial center (steel, glass, paint). On the tree-shaded, 148-acre campus, some of the 1,365 students were settling down in a new dormitory designed in the modern style of the school's eight other buildings. Between classes, blue-sweatered members of the Borregos (Rams), Tecnológico's U.S.-style football team, watched builders at work on a stadium that will eventually seat 45,000. In the 20,000-volume...
Nobody had to read far to find out what the announcement meant: "Subsidiaries of United States Steel Corp. have announced today new mill prices . . ." Thus last week did Big Steel's President Benjamin F. Fairless give his answer to the $100-a-month pensions won by the C.I.O. Steelworkers only five weeks before (TIME, Nov. 21). Because of higher operating costs, said Fairless, the company was raising the price of steel by an average of 4%, i.e., $4 a ton. Other steelmen scurried to their adding machines to figure out new price schedules themselves. But by week...
...many a businessman the latest increase, smaller than the preceding three, was hardly a surprise. But in Washington, it stirred up Democratic Senator Joseph C. O'Mahoney, who had not been at all critical while the Steelworkers were after their wage boost last summer. Cried he: "The steel industry is not justified in levying an increased tax on the whole economy of the U.S." Its leaders, he said, are doing more damage "to the free-enterprise system than all the crackpots have ever done." To get an explanation, O'Mahoney asked Ben Fairless to appear before a congressional...
Rosy Future. Actually, in a free and once more competitive economy, Big Steel had a perfect right to raise its prices. But with the steel shortage over, it might not get away with it. Big Steel's customers certainly would not like the $80 million-a-year increase in their steel bill, especially in the light of steel profits. In the first nine months of 1949, U.S. Steel netted $133 million, 50% more than in the same period in 1948. And so far as Ben Fairless could see last week, the future looked rosy. Operations of Big Steel...
Could the price rise be justified by higher costs? Two freight-rate increases had boosted the cost of steel's raw materials; another boost in coal prices was in prospect. But scrap, which is a major cost in making steel, was selling at an average of only $27.25 a ton, compared with $43 a year ago. As for the new pension program-U.S. Steel officials could not, or would not, say what it would cost the company in the first year (guesses by outsiders ran as high as $80 million a year...