Word: steels
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Dates: during 1950-1959
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Personal income in August was also nipped by the strike, and fell to a seasonally adjusted annual rate of $381.4 billion, $2.6 billion below the July level of the nation's wage and salary payments. In five manufacturing industries closely allied to steel-primary metals, mining, transportation, fabricated metals and machinery-the August annual rate of personal income was down $3 billion from the July annual rate and $4.5 billion below the June rate. Since the steel strike started last July 15, an estimated 500,000 steelworkers and 155,000 workers laid off in allied industries have lost something...
Grey Market. Across the nation last week as manufacturers scrambled for steel, there was a growing grey market, with prices of some steels up to $250 a ton, almost double the list price. Layoffs caused by lack of steel continued to mount. General Electric Co. began laying off 1,400 workers in its heavy appliance manufacturing center at Louisville, said it will have to close down its entire operation employing 11,000 unless the steel strike ends within three weeks. Allis-Chalmers Manufacturing Co. last week laid off 521 workers at two Midwestern plants, will drop 1,200 more...
...Despite the strike's worsening effects, chances for a settlement last week seemed more remote than ever. The steelworkers accepted, but the steel companies turned down, an offer by President Eisenhower to appoint a non-Government fact-finding committee. To aid workers, the U.A.W. sent $1,000,000, and at the biennial A.F.L.-C.I.O. convention in San Francisco the federation urged its 13 million members to give an hour's pay each month to aid the striking steelworkers. If all workers contributed, the strike fund would be an estimated $1,000,000 a day, largest in labor history...
...convention, Secretary of Labor James Mitchell said that the Administration would have "no alternative" but to invoke the Taft-Hartley Act-and send the strikers back to work for 80 days-if the strike did not end soon. He also warned the steel companies that they were being very "shortsighted" in not finding a means to end the strike. If the Taft-Hartley Act was invoked, and there was no settlement during the 80-day period, Mitchell said that legislation "inimical" to the steel companies might well be passed by Congress...
...high cost of adding the Valiant and changing over to 1960 models will put Chrysler in the red for the third quarter, but the company expects to match the loss with fourth-quarter profits, assuming the steel strike does not cut production...