CBS Evening News for Sunday, Jul 31, 1977
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(Studio) Possible strike by steel workers in Midwest, affecting Minnesota, Michigan and Canada. Strike isn't only problem industry faces.
REPORTER: Morton Dean
(Pittsburgh, Pennsylvania) Report on effect on lower priced imported steel on American steel industry Japan leads exporters of steel to US. Results of United States Steel, Bethlehem Steel and Jones and Laughlin noted. [Jones and Laughlin chairperson Thomas GRAHAM - says industry hasn't found way to combat invasion.] American Iron and Steel Institution contends Japanese undersell United States producers through unfair, if not illegal, practices. [Institution spokesperson Fred LANGENBERG - notes Japanese sell in US at less than cost of manufacturer and this inhibits expansion in American steel ind.] Ind. promises more cutbacks if government doesn't impose some import quotas. [GRAHAM - says it's possible United States industry could begin to die.] Japanese deny selling below cost; say it's because of efficient product; Wall Street's Merrill Lynch Company analysts agree. [Merrill Lynch spokesperson Charles BRADFORD - says foreign producers have lower cost structure and can compete favorably in market] Steel industry says Carter administration giving problem fair hearing, but it awaits more concrete evidence.
REPORTER: Jerry Bowen