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Economy / Consumer Prices / Steel Industry / Japanese Steel #254251

CBS Evening News for Wednesday, Sep 21, 1977
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(Studio) Consumer prices show only slight rise in August, meaning inflation has cooled somewhat.
REPORTER: Walter Cronkite

(DC) Details of consumer price index cited. Trade deficit for year expected to be higher than originally estimated.
REPORTER: George Herman

(Studio) Senators who talked with Carter prior to news conference say he is concerned over recent massive layoffs in steel industry and wants to talk to company and union officials about problem. 1 reason for layoffs is import of foreign steel into US, primarily from Japan.
REPORTER: Walter Cronkite

(Tokyo, Japan) Japan's government has encouraged development of steel industry as underpinning of cntry.'s economy miracle, since end of World War II. Such government support has caused about 80% of construction costs to be financed by loans from banks and trading companies; this would be almost unheard of in US. Details of Japanese steel industry development noted. Faced with recent US allegations of selling underpriced steel, Japan hopes agreement can be reached for it to voluntarily restrict exports to US, rather than have US impose tariffs.
REPORTER: John Harris

Cronkite, Walter;
Harris, John;
Herman, George

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