Word: steels
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Dates: during 1950-1959
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Blough was well aware that he had to fight a two-front war. He not only had to fend off McDonald but, like any man who has put together a grand alliance, also had to keep the other steel companies united behind him. Both Blough and McDonald knew that if one company broke from line and made a private settlement, all the others would have to follow. McDonald has scurried about in search of an opening in management's ranks, tried time and again to sit down with the heads of individual steel companies. But Blough, skilled in negotiating...
...Realities. The new line in steel is based on what Blough deeply believes are the changing realities in the U.S. steel industry and the whole U.S. economy. One of these is the great danger of a never ending inflationary spiral from continuous boosts in wages and steel prices. But more important to the steel industry itself is the threat, for the first time in this century, of serious competition from abroad...
Says Republic Steel's President Thomas F. Patton: "First the foreign manufacturers took our foreign market. Then they went after our coastal markets. Now they're invading our inland markets. Everyone in the industry feels that foreign steel is a growing menace." Roger Blough has strong ideas about how that menace can be stopped. Says he: "A fundamental law of business is 'compete or die.' The only practical way to keep foreign-made products from overcrowding our markets at home is to compete in quality, price and service; and the only practical way to reach foreign...
Bloody Strikes. This shift in imports has come with what seems like lightning speed, especially to a nation that dominated world steel production for so long. Only 34 years after the age of steel was born with the invention of the Bessemer process in England in 1856, the infant U.S. steel industry began to outstrip the other major producing countries. When Banker J. P. Morgan founded U.S. Steel Corp. in 1901 by merging several companies, the U.S. produced 37% of the world's steel-and Big Steel produced the lion's share of the U.S. total from birth...
Almost from the start, the U.S. industry was scarred by a series of violent, bloody strikes. Labor did not succeed in organizing the industry until 1937, when the door was opened by U.S. Steel. President Roosevelt persuaded the late Myron C. Taylor, then Big Steel's board chairman (and later Roosevelt's personal representative to the Vatican) to make a contract with the United Steelworkers, the first in the industry...