STEEL: The Big Occasion

As expected, U.S. Steel Corp. and Bethlehem Steel Corp. raised their prices an average of $5 a ton last week, thus making the rise in steel virtually industrywide. What was not expected was the careful explanation of Big Steel's Chairman Irving S. Olds that the $5 boost had nothing to do with the recent coal price increase. The coal price rise added $1.50 a ton to the cost of steel making, said Olds, but the boost last week was only to cover increases in costs in steel wages, raw materials, etc. Whether there...

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