Word: wage
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Dates: during 1950-1959
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...same terms they won in 1956 after a 36-day strike: a three-year contract with a yearly raise of about 15? an hour, plus a cost-of-living escalator clause. Management's counteroffer: either 1) a one-year extension of the present contract with no wage boost and abolition of the present escalator clause that ties wages to the cost-of-living index, or 2) improved pension and insurance benefits, plus a "modest" wage increase next year, in return for union concessions on work rules...
...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 markets successfully is to keep our costs-which means, primarily, our wage costs-competitive...
...labor negotiations. But he was a different sort of man from Fairless, and his attitude toward the union gradually stiffened in the face of its growing demands. He was hardly more than a year in the chairman's chair when the union in 1956 won its biggest wage victory. Blough has never forgotten that defeat. Says he blandly: "We would like to do better than we did in the 1956 negotiations...
From the Ashes. Unlike many of his predecessors, Blough is also a man with a world view of steel. Though the U.S. steel industry is fat this year, Blough asks himself whether the steel industry can afford a wage hike in terms of world-market trends. His answer is no, and his reason is the great change that has taken place in world steel production. At World War II's end, the U.S. accounted for 54% of the world's steel production. But the war, in cruelly efficient terms, had proved a blessing in disguise for many foreign...
Employment costs among foreign steel producers give them a valuable leverage in competing on world markets with the U.S. Compared with U.S. steel wage costs (including fringe benefits) of $3.22 an hour in 1957 (the latest year for which foreign comparisons are available), the Japanese steelworker cost his employer 46? an hour, the French worker 96?, the Italian worker 81?, the British worker 90?, the West German worker $1.01. Once, the U.S. could have made up the difference through its technical superiority, but that advantage is being rapidly whittled away by technical advances abroad...