The newspapers and the steel industry had had their say on the controversial $5 to $6 a ton price boost in semi-finished steel. Last week, in reports by the Department of Commerce, the Department of Justice and the Council of Economic Advisers, the Administration summed up. Items:
¶Steel prices have risen less than prices of other commodities. Steel went up 25% in the 19 months ending Jan. 30, v. 47% for all commodity prices.
¶Despite fat profits, steel companies had not been able to set aside enough reserves to cover the $496 million spent on plant expansion last year.