In a televised ceremony at Pittsburgh's William Penn Hotel last week, U.S. Steel Vice President John Stephens and President Dave McDonald of the 1,200,000-man United Steel Workers (C.I.O.) signed a new contract with surprisingly generous terms. The industry generally fell in line.
Wages went up 5¢ an hour (to an average $93.60 for a 40-hour week), medical benefits 2¢ an hour, and top pensions from $100 monthly to $140. Total benefits: 9 to 12¢ an hour, adding at least $120 million to steel's annual $3.6 billion wage bill.
To help pay the expense,...
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