State of Business: Slicing Prices

In Pittsburgh last week the Allegheny Ludlum Steel Corp., largest U.S..producer of stainless steel, lopped 2% off its prices on key grades "to make ourselves competitive." Coming hard on the heels of a recent 12% price slash by California's Kaiser Steel Corp.. which virtually eliminated the historic differential between Eastern and Western steel, and last month's sharp reductions (as much as 19%) in posted prices by the Aluminum Co. of America, the Allegheny Ludlum move was the latest evidence of a general softening in the prices of industrial materials. According to the Labor Department, U.S. industrial prices as a...

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