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🚨Steel Industry Backs Down on Price Increase, Kennedy Triumphant

Apr. 13, 1962 - President Kennedy triumphed today over the titans of the steel industry. Seventy-two hours after the U.S. Steel Corporation’s abrupt announcement of a price increase, the corporation backed down and rescinded the increase late this afternoon. The action by U.S. Steel, the nation’s largest steel producer, followed announcements by the Inland Steel Company and the Kaiser Steel Corporation that they would not increase their prices, and a statement by Bethlehem Steel Corporation, the nation’s second largest producer, that it was canceling its rises. By early evening, seven of the eight companies that had raised their prices in the last three days had canceled them. The eighth, Wheeling Steel Corporation, said it would announce its decision tomorrow.

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