Business: Price of Billets

The president of United States Steel Corp., James Augustine Farrell, concluded his remarks amid icy silence. He turned to the press table and said: "This is not to be printed. . . . I'm talking here to a bunch of friends as if I were in a mill, and this is not for publication." Then, 1,000 steelmen cheered.

Mr. Farrell had just made the most dramatic speech in the history of the American Iron and Steel Institute which, last week, gathered in public session in the ballroom of the Hotel Commodore, Manhattan. Before...

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