Preliminary Staff Report on the December 1 Steel Price Increase

by William Lilley on December 2, 1976
by William Lilley

Between November 24 and November 29, 1976 the nine largest U.S. steel producers announced 6-7 percent increases in the list prices of sheet steel products, to become effective on December 1,1976. These products are an important ingredient in such major consumer purchases as new automobiles and household appliances. The Council on Wage and Price Stability has requested data on prices, production, costs, profits and expected sales from these companies which will permit the staff to conduct a detailed analysis of these price increases and to issue a public report. The attached paper is intended to serve as a preliminary report based on the staff’s analysis of currently available data and other information. We are circulating this to the Council members for your review and comment, to seek your guidance as to what additional materials should be incorporated and what revisions should be made, in the final document. Inasmuch as the lead time between the price increase announcements and the effective date was so short, we are simultaneously releasing this report to the public so that it will have before it as much objective information as is available at this time.

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