Panel to Speed Probe of Jump In Steel Prices
The administrationÛªs inflation : watchdog said yesterday that at President FordÛªs request it would speed up its investigation of the latest round of , price increases announced by the nation's steel producers.</br></br>Last Friday, U.S. Steel Corp., Ihc nationÛªs largest steel maker, announced an average 4.5 per cent increase on its sheet and strip steels, used in making consumer products such as automobiles and appliances.</br></br>Since then, several steel companies have announced similar increases. They include Jones & Laughlin Steel Corp., National Steel Corp. and Whccling-Pittsburgh Steel Corp. The higher prices take effect Oct. 1.</br></br>After the Friday announcement, the administrationÛªs Council on Wage and -Price Stability said it would examine the boostÛÓthe second this year on sheet and strip productsÛÓin an overall study it is conducting of price Increases in the metals industries. A report on that study is not due until the end of the year.</br></br>Yesterday, acting director William Lilley III said that the Council on Wage and Price Stability was ÛÏin contact with the White House yesterday. The President has asked us to step up the investigation and report to him. As a result, we are accelerating our work on the steel part of our of larger study.Û