Word: steelmen
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...world's greatest iron deposits push through Brazilian earth in mountains of solid ore-65 billion tons, 35% of the world's total reserves, much of it the 60% hematite that steelmen call "filet mignon...
...steel industry had plenty to crow about. For the first time in a year, steel production stood above 2,000,000 tons a week, and the industry's operating rate was back to a "normal" 70% of capacity, 30 points above its midwinter low. Some steelmen even predicted that total steel output in 1961 may hit between 100 million and 105 million tons, v. last year's 99 million. But despite this heartening news, the conventioneers all joined in singing a gloomily familiar refrain: it is time for a price rise...
...steelmen's strategy was clear. With demand pushing up, they felt that the market would soon be strong enough to bear higher prices. There was some difference of opinion as to whether the rise could be sprung this summer or whether it would be better to wait till October. But to a man, the steel executives offered the same justification for a hike: in the past three years, the steelworkers' average wage has jumped 30? an hour without any corresponding steel price rise. "To maintain a reasonable profit margin," said Republic Steel's Thomas F. Patton...
...steel industry fought rising costs by the easy method of raising prices, instead of by modernizing its equipment or seeking to broaden its markets. Since 1946, steel prices have been hiked about 150% in twelve installments, roughly the same as the hike in the average hourly wage-although steelmen claim that fringe benefits add another 40% to the wage hikes. Only since 1958, when recession cooled the climate for price rises, has steel had to struggle along without its favorite easy...
Alarmed by aluminum's steady encroachments into Detroit-the average 1961 auto has 62.8 lbs. of aluminum v. 56.1 lbs. in the 1960 model-steelmen were provoked to open hostilities by the aluminum industry's prediction that its favorite metal is about to be used in bumpers, wheels, more auto engines and other auto parts. Indelibly etched in the memory of every steel producer is a 1959 Reynolds Metals- Co. radio commercial in which two loathsome characters named Rusty and Salty set out to feast on steel auto accessories but were frustrated by "rust-free aluminum...