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President Kennedy worked with both business and labor to reach a settlement of increased benefits, but no wage increase to steel workers. He thought big steel would not raise prices, but 2 weeks later a leader of one of the major steel companies ( US Steel ) brought a press release to the Pres. announcing a $6 dollar a ton increase and all the other steel companies joined in. Kennedy felt so bad that he threatened to start an investigation into price fixing - the pentagon started talking about buying steel elsewhere. This caused the companies to back down.


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Q: What was the steel crisis in the 60's?
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