STATE OF BUSINESS: Deep Bite

Despite settlements by Kaiser Steel Corp. and two other small steelmakers, the steel strike is biting deep into the U.S. economy. Steelworkers have lost $1.1 billion in wages; steel companies, $3.3 billion in sales; the Government, $710 million in taxes; the nation, 30.9 million tons of steel production. The Commerce Department estimated that the rate of the gross national product dropped $3.5 billion in the third quarter. An index of the eight key economic barometers fell farther in the first three months of the strike than during the first three months of the 1957 recession. The U.S. faced widespread...

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