Inland balks at price cuts

The Wall Street Journal reports that third-quarter earnings for Inland Steel Industries Inc. will fall below last year's $30.7 million, in part because automakers are punishing it for refusing to cut prices. Automakers, who buy about 40% of Inland's shipments, reduced orders after it balked at lower prices. Steel analysts say General Motors Corp. cut back purchases from Inland for reasons other than price. However, The Journal reports that the steelmaker likely will have to renegotiate prices with automakers.