Business: Steel & Superstition

To the theory that the steel industry is a bellwether for the economy, that if steel raises or lowers its prices steel-using industries will automatically raise or lower theirs, U.S. Steel Corp. Board Chairman Roger M. Blough had a curt reply: "Sheer economic superstition." Said Blough last week: "All the money the American people spend for steel in a year is so small, in comparison to their total expenditures for all the other things they buy, that any change in the price of steel is overwhelmed by the price movement of other goods and services which make up the average family...

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