Business: Steel's Surprise

The U.S. steel industry, whose low production in 1960 was one of the economy's unhappy surprises, last week had a surprise of a different sort. Though the industry as a whole operated at only 66.8% of capacity for the year, companies reporting 1960 earnings not only showed themselves generally well in the black but in some cases actually ran up gains over 1959, when the industry was hit by a 116-day strike. They did so despite two wage increases (the last in December) that for the first time since World War II were not...

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