Business: Steel's New Deal

In the six weeks between St. Valentine's Day and All Fools' Day, negotiators from the eleven biggest U.S. steel companies and the Steelworkers Union hammered out what appears to be their most moderate labor agreement of the postwar era. The two-year contract agreed upon at Pittsburgh last week will raise labor costs per steelworker by a dime an hour during its first year—all of it in fringes rather than wages. But at the end of the first year, the Steelworkers will be free to reopen negotiations and drive once again for higher pay and...

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