Word: steelmen
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Since John F. Kennedy in 1962 forced the nation's steelmen to pull back a $6-a-ton price boost, federal grand juries have voted seven indictments accusing the steel companies of conspiring to fix prices. In the most important of these cases, the Justice Department last week won a big, if qualified, victory...
...wars partly motivated by the belief that joining the Ruhr coalfields to the ore of the Saar basin would give the victor economic hegemony over Europe. Today, the march of technology is revolutionizing the economics and geography of the world's most basic industry. From Tokyo to Naples, steelmen are moving to the sea, erecting new plants hundreds (and sometimes thousands) of miles from even the meagerest deposits of raw materials. Last week, in a move that emphasized this trend, West Germany's sixth largest steelmaker, Kloeckner-Werke, announced that it plans a $25 million expansion...
...Germans are scurrying to catch up with other European steelmen; sea side plants already account for nearly 20% of the Common Market's steel production. France's Usinor opened a 1,500,000-ton mill at Dunkirk in 1963, and a consortium of Belgian and Luxembourg firms is busy building a 1,500,000-ton plant on the Ghent-Terneuzen Canal. Even Portugal has put up an efficient small works on the water at Seixal...
...shot up 41% in seven years. A similar formula (Australian ore, coal from the U.S.) has made Japan's wholly seaside steel industry the world's No. 3 producer and a formidably competitive exporter from Detroit to Düsseldorf. This competition, anguishing to German and U.S. steelmen alike, may soon sharpen. Reason: even bigger ships now in the making (up to 100,000 tons) are expected to halve the present transport costs of coal...
...steel gradually becoming a quasipublic utility? Some steelmen contend that the recurrent jawbone pressure to hold the price line effectively regulates their ability to change prices in a free market, actually leaves them worse off than a rate-regulated industry because steel enjoys no monopoly, has no guaranteed rate of return. The White House, naturally, talks softly of its powers over the steel industry, pointing out that they are, after all, merely persuasive. The persuasion, however, can be extremely effective...