As everyone knows, U. S. steel makers may not combine to control the domestic market. They may combine, however, under the provisions of the Export Trade act (Webb-Pomerene law), to undersell foreign mills in foreign markets. Last week, the two principal producers, U. S. Steel Corp. and Bethlehem Steel Corp., controlling over 75% of the American export trade, proposed through their export subsidiaries* the formation of an association to market all U. S. iron and steel products abroad.
Surprised, financial writers recalled that the experiment had been tried before and had failed. Eight years ago, independent companies formed the Consolidated Steel corporation...
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