A DIFFICULT YEAR
The past year in the steel industry had been one of considerable difficulty. Shareholders would remember that a year ago he had indicated that a distinct if slight recession of trade had been experienced in the latter part of 1937. That recession had become more pronounced during 1938, and at the close of that year production of steel had fallen considerably in comparison with the production obtained during its opening months.
The past few weeks, however, had shown signs of an improve- ment in demand. The requirements of the present emergency programme were responsible to a certain extent for that improve- ment, but its volume had been increased by demand of a commer- cial character, doubtless stimulated by the substantial reductions in prices which were made by the industry as from January 1st, 1939. He would like to remind them, however, that no commen- surate reduction had been made in the prices the industry was paying for its raw materials.
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