U.S. Steel Sets Price Rise Pace

Press, Volume CII, Issue 30109, 18 April 1963, Page 9

U.S. Steel Sets Price Rise Pace

(N.ZP A.-Reuter—Copyright)

NEW YORK, April 17. More American steel companies were expected to announce price rises today now that the pace-setting United States Steel * Corporation has made selective increases.

“Big Steel,” as the giant corporation is known, joined three others in announcing rises yesterday, boosting the number of companies to have made increases to eight The eight produced more than 55 per cent, of America’s steel in 1962, and include five of the 10 major producers.

Yet to be heard from are the second-ranking Bethlehem Steel, the fifth-ranking National Steel Corporation, the seventh-ranking Youngstown Sheet and Tube Company, the ninth-ranking Kaiser Steel Corporation, and the tenthranking Colorado Fuel and Iron Company. President Kennedy, having indicated last week that they would not fight limited increases, remained silent at his holiday home in Palm Beech. Florida. According to the “New York Times,” Government officials are concerned but feel powerless. At this point, they said, there were no further plans for counter-action. The Administration’s strategy council—including Mr Kennedydecided that the useful Presidential power had been sp mt fighting wide-ranging increases last year and could not be used again. Thus, according to these authorities, it was decided to limit this year’s response to the statement made last Thursday, underlining the problems that price increases raise, but not trying to roll the prices back again. Unlike last year, when the President forced the withdrawal of wide-ranging in-

creases, the new rises are on a comparative handful of important steel items—in most cases plates, sheets, strips, and galvanised products. They range from four to seven dollars a ton. United States Steel announced increases averaging nearly five dollars a ton. covering items representing 29 per cent, of sales.