Word: steels
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Dates: during 1970-1979
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...this week's cover story, Staff Writer Andrea Chambers, who wrote the accompanying boxes, and Reporter-Researcher Georgia Harbison soaked up some atmosphere by joining Tompkins in a visit to a local OTB parlor. They emerged unscathed, simply by not placing a bet. Demarest was not always so steel-willed. As a member of TIME'S London bureau in the late 1950s, Demarest closely followed the fortunes of a horse named Four Flusher (gambling argot for cheater), which was jointly owned by a few bureau staffers. "Out of loyalty," Demarest says, "I bet on the horse when...
...spokesman for the Third World's quest for a new international economic order. At home, he combined tough anti-business rhetoric (he referred to wealthy entrepreneurs, for example, as "plutocrats and pro-fascists") with an ambitious, deficit-financed investment program in highways, electric projects and oil and steel production. Last year public investment exceeded private investment for the first time in Mexico's history. Rising food costs boosted wages and inflation at home, while world recession cut export markets. Caught by surprise, the government found its deficit soaring over $2 billion...
...Steel is used in so many products, from locomotives to paper clips, that almost any increase in its price becomes an economic and political gamble: Will the market take it? And will the White House hold still? Last week six big steel companies decided to run the risk. They announced increases of 6%, to take effect this week, on flat-rolled products, which go into autos and appliances and consume almost 40% of industry shipments. Their move brought hand-wringing from the outgoing Ford Administration and raised an immediate economic question of whether the increase would stick...
...earlier one did not. Last summer the mills scheduled a 4.5% rise on flat-rolled, effective Oct. 1. But demand then was weak. Some steelmakers apparently told favored customers they could continue to buy steel at the old prices; Armco then delayed its rise, U.S. Steel canceled the boost and the rest of the industry fell into line...
This time matters may be different. Though steel mills are still operating at only 72% of capacity, Wheeling-Pittsburgh Steel, one of the companies announcing an increase, claimed that flat-rolled products are selling especially well. National Steel, which led the increase, added that the boost would "only partially" recoup rising costs for materials, labor and freight. Significantly, Armco, the company that torpedoed the October rise, joined this...