Word: steelmen
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...recent coal-mine wage boosts, said steelmen, were the last straw on a pile of increased costs which they have been absorbing. The increases in steel wages last spring, said Republic, had amounted to "approximately $4.50 per ton of steel" and had caused a drop in the second quarter profits (see Earnings...
...risen $11 per ton of steel. His breakdown: scrap $4, labor $4, fuel oil $1, miscellaneous $1, depreciation $1. Scrap prices, which have jumped over $10 in two months, are now at an alltime high average of about $40 a ton and still rising. Under such conditions, said steelmen, boosts in the prices of finished steel were not only warranted but "imperative...
What effect would this have on the nation's economy? The steelmen, naturally, said that it would be small. Said National Steel's Weir, "The increased cost for a refrigerator won't be more than a couple of dollars." The American Iron and Steel Institute estimated that a price rise of $6 to $7 a ton in steel would mean a direct increase of $10.50 to $12.25 in the cost of producing the average automobile. At week's end, automakers and other hard-goods manufacturers were still mum on any price rises. But in most...
...steel prices would probably wait on examination of the second quarter's balance sheet. But steelmen could already figure their increased costs. Two tons of coal are needed to produce a ton of steel. Steelmen talked frankly of steel price rises of between $1 and $2 a ton. Big Steel had loaded another high-price rocket...
Small operators reacted violently against the big steelmen, the big coal operators, John Lewis. They called the whole contract a "conspiracy" between Big Labor and Big Business, callously contrived to squeeze out the small owners. The anxiety of the big operators over possible antitrust suits had been, in fact, one of the main causes of delay in negotiations...