THE ECONOMY: The Bind in Steel

Before last week's final negotiation session broke up at Pittsburgh's Penn-Sheraton Hotel, steel industry pressagents handed out releases that left no doubt that the meeting was going to be another flop: "Anxious as they are to see an end to this devastating strike which the union has forced upon the country . . . the eleven steel companies must continue to resist surrender [to] an agreement which will promote inflation, produce rising production costs and perpetuate wasteful, inefficient practices . . ."

A few minutes later, wavy-haired United Steelworkers President David J....

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