Business: The Midnight Cliffhanger in Steel

AFTER more than two months of desultory negotiations, the strike deadline for the troubled steel industry passed last week without a settlement—and without a strike. In a surprise last-minute decision, management and labor agreed to stretch the bargaining for 24 hours past Saturday midnight, the time set for a walkout. United Steel Workers President I.W. Abel, chief labor negotiator in the contract talks involving 350,000 workers, announced the extension and then headed back for another night of talks with R. Heath Larry, who heads the management team for nine big steelmakers....

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