STEEL: Chaos & Confusion

The steel industry, said Bethlehem Steel's Chairman Eugene G. Grace last week, has been plunged into chaos and confusion by the Government's Controlled Materials Plan. Although only four weeks old, CMP has already turned the industry's distribution upside down, said Grace, and is opening the door to black markets such as have never been seen before.

The confusion stems from the fact that the Government knowingly allocated more third-quarter steel than was available. The CMP assumed that many orders for steel would be canceled. The cancellations failed to appear; instead, customers everywhere were pounding on the doors...

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