STEEL PRICE RISE FOR 10 PRODUCERS ALLOWED BY U.S.
Cost of Living Council on Sept 10 authorizes 10 steel cos to make 2-stage, $400-million-a-yr increases in sheet and strip steel, allowing increases averaging $4.50 a ton on Oct 1 and again on Jan 1; defers at least until Jan 1 increases on products other than sheet and strip; major steel producers disappointed over deferral of increases; council dir J T Dunlop says delay on half of price increases is part of continuing strategy of spreading out 'the bulge' of increases that are following Adm's June 13 price freeze; says sheet steel was given priority because it has not had increase since Jan '72, whereas some non-flat rolled products have had price increases of 4% to 5% in 1st half of '73; says all increases are fully cost-justified under Phase 4 stabilization program rules; former Sen F R Harris, who testified before council against increases, scores 2-stage feature of decision; officials, measuring 'ripple effect' that increases will have on diversity of consumer and indus products, say $9 increase will raise wholesale price index by 0.05% and that overall effect on wholesale price index over period of mos will be less than 0.2%; list of cos affected