I believe this is "Meeting of the Board" (1955), by Alan E. Nourse, readable online here. The premise of the story is that a union owns and controls the company Robling Titanium at the expense of the overworked, underpaid management. In desperation the management disables the computer system, leaving only one possibility for the union:
The shop steward's face lighted. "They slipped up, there. There was one program that hadn't been coded into the machines yet. Just a minor item, but it's a starter. We found it in Towne's desk, blueprints all ready, promotion all planned."
"Good, good," Torkleson breathed. "I have a directors' meeting right now, have to get the workers quieted down a bit. You put the program through, and give those electronics men three more hours to unsnarl this knot, or we throw them out of the union." He started for the door. "What were the blueprints for?"
"Trash cans," said Bailey. "Pure titanium-steel trash cans."
It took Robling Titanium approximately two days to convert its entire production line to titanium-steel trash cans. ...
In the end the management wins its fight with the union and makes a plea for moderation:
"You think that since you own the company, times have changed. Well, have they? Are you any better off than you were? Of course not. Because you haven't learned yet that oppression by either side leads to misery for both. You haven't learned moderation. And you never will, until you throw out the ones who have fought moderation right down to the last ditch. You know whom I mean. You know who's grown richer and richer since the switchover. Throw him out, and you too can be rich." He paused for a deep breath. "You want the code word to unlock the machines? All right, I'll give it to you."
