Word: steels
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Dates: during 1970-1979
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...annual two-day carnival in Notting Hill has become something of an end-of-summer rite for thousands of Londoners who flock to the racially mixed area to hear West Indian steel bands and dance to calypsos through the narrow old streets. Last year, however, there were also some 800 complaints of theft, so Scotland Yard decided to send in 1,600 bobbies, five times as many as in 1975. To many revelers, the huge police presence, complete with helicopter chuffing overhead, was an irritation. But many police, too, seemed irritated at having to spend their holidays in crowd control...
...time of persistently rising prices, last week's announcement by U.S. Steel Corp. had a man-bites-dog quality. The company, which usually sets steel pricing patterns, had announced three weeks ago that on Oct. 1 it would raise the price of sheet steel, which is used in a wide variety of consumer goods from autos to washing machines, by an average of $10 to $15 a ton. U.S. Steel's competitors quickly followed its lead. But then Armco Steel Corp., in an extraordinary move for the clubby steel business, broke the united front and said...
Armco cited "a lack of support for the Oct. 1 effective date by some competitors." As translated by industry sources, this meant that Chairman William Verity Jr. had become irritated when he learned that some steelmakers were making deals to ship flat-rolled steel to selected customers at the old prices after Oct. 1. Verity's move immediately put pressure on competitors to scrap plans for an increase and thus keep pricing policy out in the open...
Good News. There is some doubt whether the market for steel is strong enough to support a new price increase. The attempted hike would have been the third in the past year. U.S. Steel, for example, lifted prices on sheet products by 14% last October and another 6% in June. At the same time, the industry is faced with weakening demand for flat-rolled products. Though automakers' sales are booming, purchases of appliances and other household goods are lagging...
...rollback was one of two pieces of good news for Ford Administration inflation fighters last week. They also were able to report that wholesale prices, after three months of small rises, declined in July by .1%, due mainly to a drop in farm prices. White House officials attributed the steel price cancellation to market forces and insisted that no pressure from Washington was exerted on the steelmakers...