Word: steelmen
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...still undetermined amount from $1.3 billion on sales of $46.9 billion in 1978. Rates of return have slid from 11.5% of net worth 30 years ago to 8.2% today. Those rates are the lowest in all American manufacturing and will have to be improved in order to attract investment. Steelmen want the Government to raise their return by enacting tougher protection against imports, faster depreciation on plant and equipment, and less stringent environmental laws...
...charged that the rise "is excessive and does cause additional very serious inflationary pressure in our country." Vice President Walter Mondale and the Council on Wage and Price Stability (COWPS) also condemned the increase. Privately, some officials recalled with approval President Kennedy's crack about the genealogy of steelmen* and made sarcastic, and misleading, references to a fat salary increase that they thought U.S. Steel Chairman Edgar Speer had collected. (In fact, Speer's combined salary and bonus was $372,972 last year, down from...
...steelmen's case for higher prices is simple: they need more money, and quickly. Steel profits have slumped deeply this year; Bethlehem in the third quarter reported a record loss of $477 million. The announced price rises found a generally sympathetic ear in Washington. Barry Bosworth, director of the Council on Wage and Price Stability, termed Wheeling's 7% increase "awfully big," but a COWPS official later said of the Bethlehem-Inland hikes: "With inflation running around 6%, nobody is terribly concerned about a 5.5% increase?if that's to be the only increase...
...mills, forcing more than 60,000 workers out of jobs in the past year. Steel executives, union men and a new caucus of Congressmen from steel-producing areas have brought heavy pressure on the Carter Administration to do something. The President's first response was to invite steelmen to file complaints against the "dumping" of foreign metal-that is, selling it below cost. The trouble is that though dumping violates both U.S. law and international trade rules, it is difficult to prove...
...antipollution equipment. This proposal would be included in the tax plan that Carter will send to Congress next year and would apply to all heavy industry. But the stiff cost of installing air-and water-purifying equipment required by the Government has been a particular sore point to steelmen...