"The balance of economic power in the world is being realigned. Economic competion and integration are the order of the day. America's industry is experiencing only the first wave of foreign competion. We cannot maintain the 'status quo.' It is wholly inadequate in today's economic environment. Continuation of the 'status quo' can only result in the loss of our position of economic preeminence."

William J. Stephen
C.E.O., Jones & Laughlin Steel Corp.
1971