President Kennedy and US Steel price rollback

You don't remember it, but I remember as a child, in about 1962, US Steel wanted to raise the price of steel by ten percent, and President Kennedy said no. The President of the United States told the company. I need a higher authority to do that, other than the moral authority of the President. People back then used to respect the President of the United States; that doesn't exist anymore because of some of the presidents we've had since. Nonetheless, it was a big showdown — was US Steel going to back down? US Steel said they needed a price increase because the cost of digging coal out of the ground and iron ore was going up. Kennedy said it would cause worldwide inflation if you had a ten percent increase in the price of steel. US Steel backed down, didn't raise the price, and they claim that's what destroyed the steel industry.