Four months ago, when Roger Blough tried to raise prices, he argued that the U.S. steel industry needed the money to modernize its mills in order to defend its markets from foreign competition.
Blough's case seemed to be weakened by the fact that sales of foreign steel in the U.S. last year amounted to only 3,200,000 tons—or 4.7% of U.S. consumption. But if U.S. steelmakers still reign supreme in their home territory, the Western Europeans are building up as real rivals in the worldwide market.
Forced Draft. Since 1956 the total steel-producing capacity of the six Common Market nations plus Britain...
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