Hot-Rolled Production
Carbon Workers
Steel Bar Compensation
($ / 100 lbs) ($ / Hour)
Year Price Rate
1897 0.99 0.13
1898 0.95 0.13
1899 1.95 0.13
1900 1.61 0.14
1901 1.44 0.14
1902 1.58 0.15
1903 1.56 0.15
1904 1.33 0.15
1905 1.48 0.16
1906 1.51 0.16
1907 1.60 0.17
1908 1.48 0.16
1909 1.31 0.17
1910 1.43 0.18
1911 1.26 0.18
1912 1.25 0.19
1913 1.38 0.20
1914 1.15 0.20
1915 1.31 0.20
1916 2.48 0.24
1917 3.49 0.29
1918 2.89 0.36
1919 2.43 0.43
1920 2.99 0.54
1921 1.89 0.48
1922 1.70 0.44
1923 2.33 0.48
1924 2.20 0.51
1925 2.04 0.50
1926 1.99 0.51
1927 1.84 0.52
1928 1.87 0.52
1929 1.92 0.52
1930 1.73 0.53
1931 1.63 0.51
1932 1.58 0.45
1933 1.64 0.44
1934 1.81 0.53
1935 1.80 0.54
1936 1.92 0.55
1937 2.40 0.63
1938 2.35 0.64
1939 2.19 0.64
1940 2.15 0.67
1941 2.15 0.74
1942 2.15 0.86
1943 2.15 0.98
1944 2.15 1.05
1945 2.21 1.06
1946 2.47 1.13
1947 2.72 1.30
1948 3.09 1.41
1949 3.35 1.46
1950 3.47 1.55
1951 3.70 1.72
1952 3.78 1.83
1953 4.05 1.94
1954 4.22 1.97
1955 4.47 2.05
1956 4.81 2.16
1957 5.25 2.24
1958 5.35 2.39
1959 5.68 2.45
1960 5.68 2.54
1961 5.68 2.60
1962 5.68 2.71
1963 5.74 2.83
1964 5.93 2.89
1965 5.93 3.00
1966 5.89 3.14
1967 5.92 3.29
1968 6.14 3.52
1969 6.56 3.72
1970 6.98 3.93
1971 7.89 4.26
1972 7.13 4.59
1973 8.38 4.95
1974 10.78 5.44
1975 11.43 6.02
1976 11.32 6.53
Steel Notes:
Annual average hot-rolled steel bar price.
Hot-rolled carbon steel bars merchant, Pittsburgh base, dollars per hundredweight, in American Metal Market. 
Source: https://pubs.usgs.gov/sir/2012/5188/tables/
Compensation Notes:
Annual Wages in the United States Unskilled Labor and Manufacturing Workers
Source: https://www.measuringworth.com/uswage/