EXHIBIT S-253 CHART 24.-United States Steel's ingot production in relation to steel industry, United States Steel Corp. and subsidiaries 1 Figures for 1934 and subsequent years include only that portion of production of steel for castings used by foundries operated by companies producing steel ingots. Preliminary. Source: Corporation records and Amalgamated Iron and Steel Institute. Data include production of castings. Ingot production has shown great variation from year to year, because the demand for steel products fluctuates widely with changes in general business conditions. Since 1901, when United States Steel produced about 66 percent of all steel ingots produced in the United States, its portion of the total production has declined until in 1949 it produced only 33 percent of the total. Figures for 1934 and subsequent years include only that portion of capacity and production of steel for castings used by foundries operated by companies producing steel ingots. 'Preliminary. 1900 1905 1910 1915 1920 1925 1930 1935 1940 1945 1950 SOURCE AM. IRON & STEEL INST. (USS PER CENT INCREASE Capacity data respecting the steel industry are often misused or distorted as to their significance. Unused capacity should not be confused with "excess" capacity. The ingot operating rate only approximately reflects the rate of operation of finishing facilities. Typically steel orders are not distributed among products in such a way as to always make possible full utilization of all facilities because of lack of market coordination of demand and capacity for specific products. In times of emergency, or under the pressure of extraordinary demands on the industry, it is occasionally possible to attain an operating rate slightly in excess of 100 percent of rated ingot capacity for short periods. EXHIBIT S-255 CHART 26.-Growth of 8 largest steel companies since 1908 Company D1. Company E. Company F. Company G. 1 Operations beginning 1919. Source: American Institute and Steel Institute records. EXHIBIT S-255A This analysis of the growth of the eight largest steel companies since 1908 shows that United States Steel has increased relatively less in size than has any of the seven other large steel companies. Since 1908 the ingot capacity of United States Steel has increased 84 percent. Most of this increase has been through internal growth and not through acquisition or merger. The percentage increase of the other seven companies has ranged from 22 to 80 times that of United States Steel. The increase for the entire industry, exclusive of United States Steel, in the same period of time has been 224 percent or more than 22 times that of United States Steel. EXHIBIT S-256 CHART 27.-Average yearly prices of common and preferred stocks of United States Steel 1 Based on 26,109,756 shares outstanding after 3 for 1 split on May 12, 1949. Source: Data based on quotations on New York Stock Exchange from Commercial and Financial Chronicle and the Annalist. |