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Steel Industry and Union Announce New Contract, President Calls Terms "Noninflationary"

Mar. 31, 1962 - The steel industry and the United Steelworkers of America announced agreement today on new contract terms. President Kennedy said the terms were “obviously noninflationary and should provide a solid base for continued price stability.” The accord settles the nation’s major collective bargaining problem of the year. It will provide a pattern for settlements covering thousands of workers in steel fabricating, aluminum making, and can-manufacturing plants. President Kennedy had put pressure on the industry and union to prevent the economic disruption of a strike and the harmful economic effects of a build-up of steel inventories in expectation of a strike. The President, at his desk at the White House, telephoned his congratulations today to the union and industry.

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