13 JANUARY 1939, Page 36

LOWER STEEL PRODUCTION The extent of the recession in iron

and steel production is shown by the full year's figures issued on Wednesday. The 1938 steel production was 10,394,000 tons, compared with the previous year's record figure of 12,984,000 tons, a fall of zo per cent. Pig iron production fell 21 per cent. to 6,763,000 tons, compared with 8,493,100 tons. The year ended with production at a low level, for December steel production was 655,700 tons against 86o,000 in November and 1,103,800 tons in December last year, while December pig iron output was 445,800 tons against 461,50o in November and 783,800 tons in December, 1937, the December decline being partly due to holiday influences. The extent of the recession in this vital industry may seem surprising ; it is certainly sharper than that shown by some other industrial and financial indices. But it must be remembered that the iron and steel industries reached a stage of quite exceptional activity in 1937, and that they have been able to make a good showing even on their recent lower output figures. J. D. M.