Word: steelmen
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...Wall Street, the message of the steelmen and statisticians came loud and clear. In heavy trading that time and again left the high-speed ticker behind, National Steel gained 5¼ points (to a new high of 84), U.S. Steel picked up 4⅝ (to 944), Bethlehem, Armco and Youngstown all ran higher. And with them went the market. By week's end, shares on the Dow-Jones industrial average had gained 14.24 points to reach a new peak: 602.21, and a level nearly 40% higher than the recession low of 16 months...
...steel strike this summer. The three-year contract with the A.F.L.-C.I.O. United Steelworkers runs out July 1, and the steel union has already done some tough talking about the big pay package-estimated at $1 billion a year in wage increases and benefits-it expects to demand. Most steelmen, along with their customers, expect a strike. The automakers, trying to lay in enough steel for their 1959 models and part of their 1960 production, guaranteed their suppliers against loss if they in turn would buy ahead. But many a steel user who had let his inventories get close...
...Western steelmen find it hard to credit Communist claims that such operations accounted for 30% of Red China's steel production in October. They are convinced, too, that the steel produced by these methods is of a low quality suitable only for the most primitive construction and the manufacture of agricultural implements. But Red China is headlong in its ambition to do-it-yourself...
Glow of Furnaces. Steel was living up to the hopes steelmen held for it earlier in the year. Last.week the American Iron and Steel Institute reported that production in September reached 65.8% of capacity, the highest of any month this year. By week's end. producers were running closer to 71%. The reason for the steel upsurge was simply that many firms had cut inventories so low that they were hustling to order before a shortage set in. Jones & Laughlin, fourth largest producer, upped its output to 82% as a result of "a sharp increase in orders...
When will U.S. steelmen learn "the hard way" that they cannot compete? Answered Glossbrenner: As soon as the Soviets have satisfied their own domestic demand for steel, start dumping cut-rate steel abroad, upset world markets as they did this year in aluminum and tin. Glossbrenner said that the U.S. can get competitive only by spurring workers' productivity. One way to do it, he advised, is for "strong" managers to hold the line on wages until workers become more productive, and to create "an overall attitude of discipline in the mills that strengthens the right of management to make...