Conditions in the steel trade are not encouraging for the immediate future. The industry is apparently going through the period of deflation from a war to a peace basis just as are other industries all over the world, but while the immediate future is somewhat cloudy, the outlook for steel, if one looks ahead several years, is unquestionably bright. The world shortage of the metal caused by the war was by no means filled during the period of activity that lasted from October, 1919, to September, 1920. There is every reason to believe that the world still needs steel in immense quantities for the myriad uses in which the metal is employed, not only for future expansion but for replacement which should have occurred during the war years. As soon as the economic and financial difficulties from which the world is now suffering have been overcome--and the signs on the sky are that these clouds are already being dissipated--a great demand for steel can be prognosticated. And United States Steel with its twenty-two million odd tons of capacity, its great resources, its good will, and its wonderful organization, will undoubtedly share generously in this anticipated trade revival. For it and for its stockholders the future holds a bright and glowing promise. Perhaps no better conclusion for this volume can be found than the remark recently made to the writer by one of the leading independent steel makers. He said: “United States Steel is a remarkable organization. Nothing like it exists or ever existed. It is in a class by itself.” APPENDIX COMPARATIVE PRODUCTION Table showing percentage of total steel and iron output of the United States produced by the U. S. Steel Corporation in the years 1901, 1911, 1913, and 1919. Figures for 1901 and 1911 are from the exhibit in the dissolution suit and for 1913 and 1919 from the reports of the American Iron & Steel Institute. 1901 1911 1913 1919 Iron ore from Lake Superior Ranges 61.6 54.3 50.46 45.94 Total iron ore 45.1 45.8 46.37 42.05 Total blast furnace products 43.2 45.4 45.47 43.97 Steel ingots and castings 65.7 53.9 53.21 49.61 Steel rails 59.8 56.1 55.51 61.96 Heavy structural shapes 62.2 47.0 54.03 43.77 Plates and sheets 64.6 45.7 49.13 44.30 Wire rods 77.6 64.7 58.44 55.42 Total finished products 50.1 45.7 47.81 44.60 Wire nails 65.8 51.4 44.55 51.86 Tin and terne plates 73.0 60.7 58.64 48.44 Summary of earnings and distribution thereof since organization: