The price of steel is a vital factor in the economy of every industrialized nation, and few nations have kept a closer watch on that price than the U.S. Whenever steelmen even talk about raising prices, a storm rises over official Washington. Congress has investigated almost every steel price rise since Robert Taft led an angry probe into one of the first postwar hikes in 1948, and federal authorities have long grumbled that steel prices seem to have little regard for the law of supply and demand. Last week a federal grand jury...
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