LABOR: Steel's Fat Pact

In one of the most important settlements in this year's negotiating calendar, the United Steel Workers last week won a contract that will raise labor costs of the nation's ten biggest steel firms 40% over the next three years. The pact dims any hope that the moderation that marked labor agreements last year —and kept some brake on inflation —will continue. It represents a high price for labor peace: bargaining was conducted under a year-old experimental pact that prohibits the union from striking, gives it a guaranteed minimum increase and the right to bargain for more, and pledges...

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