average daily output being achieved at a number of their furnaces ranging between 600 and 800 tons per furnace."

OPEN HEARTH FURNACES

"The open hearths of the United Steel Works which have mostly been rebuilt since the war, are modern as to equipment and rank very high in comparison with competing plants in Europe. Their practice is universally good in regard to fuel economy, production per square foot of hearth area and quality of the steel produced. Coke oven and blast furnace gases are used as open hearth fuel far more extensively than in this country, which results in important economies."

ROLLING MILLS

"A large number of the rolling mills are electric driven and machinery and equipment of the mills, particularly at the main plants, is modern and efficient. Some of the mills installed within the last few years are of the heaviest type and the largest capacity found anywhere."

POWER CAPACITY

"United Steel Works is a large producer of gas and electric power. Its power stations contain 232 generator units, of which 125 are gas and steam engine driven and 107 driven by steam turbines. It develops in all 493,900 K. W. The central gas power stations, particularly those of the Thyssen plant are the largest stations of their kind in Europe, and the best in regard to equipment and heat economy found anywhere."

HARBORS

"United Steel Works owns eight harbors on the Rhein and Ruhr rivers and canals, covering a total area of 383 acres, of which 66 represent water and 317 dock sites. They are served by 54 unloading bridges and cranes, many of the most modern construction and capable of handling 19 million tons a year. Transshipments over these docks in 1925 amounted to 11,074,279 tons."

"This [Thyssen] harbor is one of the largest interior harbors in the world."

RAILWAYS

"United Steel Works owns its own plant railways, as well as a number of connecting lines between them. These tracks have a total length of 773 miles. The rolling stock in use consists of 411 locomotives and of 10,345 standard gauge cars. The car loadings in 1925 exceeded 88,000,000 tons."

COMMENTS ON INDIVIDUAL PROPERTIES

"The Bochum steel castings are famous the world over, and range from the smallest size up to 100 tons in weight."

"This [Hoentrop] plant represents the very latest type of seamless tube plant.” "The Thyssen works represent the most favorably situated and best balanced unit in the German iron and steel industry."

"The [Thyssen coal] shafts are all of the most approved and permanent construetion. The newer ones produce 4,000 tons a day in spite of the fact that the coal is hoisted from an average depth of 1,500 feet and over. The use of mining machinery has been developed at these mines ahead of any others in Europe."

"A general rebuilding program was carried out after the war, with the result that this [main Phoenix] plant is today one of the best equipped and most economical iron and steel plants in Germany."

"The fuel economy of the Meiderich plant [Rheinstahl] is highly developed, second to none of any existing steel plant.”

EXHIBIT NO. 529

[Quoted from the Documents Relating to the Administration of Occupied Countries in Eastern Europe, No. 7, German Iron and Steel Policies, Polish Information Center, New York, N. Y.]

EXHIBIT No. 530-A

[Copy of the International Rail Cartel Agreement (IRMA)]

Strictly Private and Confidential

AGREEMENT BETWEEN THE RAIL MANUFACTURERS OF AUSTRIA, BELGIUM, CZECHOSLOVAKIA, FRANCE, GERMANY, GREAT BRITAIN, HUNGARY, LUXEMBURG, POLAND, THE MARIGREE GROUP, AND THE STEEL EXPORT ASSOCIATION OF AMERICA, AND ON AND FROM THE 1ST AUGUST 1937 THE RAIL MANUFACTURERS OF ITALY

1. OBJECTS OF AGREEMENT

The objects of this Agreement are

(a) To divide, in the proportions specified in Clause 8, among the various Groups which are parties to this Agreement, the total tonnage of orders for the material defined in Clause 2 for Export, subject to the right of each Group to its Reserved Areas as defined in Clause 9.

(b) To allocate work or otherwise deal with manufacturers not parties to this Agreement, in accordance with any future subsidiary Agreements.

(c) The trade in the products hereinafter defined within the Domestic Territories of the following Groups: Belgian, British, Czechoslovak-Austrian, French, German, Hungarian, Luxemburg, Marigree, Polish, Italian, is not covered by this Agreement, and this Agreement shall not be construed as in any way referring to such trade.

(d) It is understood that The Steel Export Association of America (hereinafter referred to as "the American Group") is an Association constituted under an Act of Congress of the United States of America, approved April 10th, 1918, and entitled "An Act to promote export trade, and for other purposes," commonly known as "the Export Trade Act." As used in this paragraph the term "United States" shall have the meaning given in the Export Trade Act. Material sold in the United States, other than for export, and sold for export to the United States, shall not be covered by this Agreement, and this Agreement shall not be construed as in any way referring to trade in material so sold, and shall not be allowed directly or indirectly to restrain trade within the United States or the export trade of any domestic competitor of the American Group, or to enhance or depress prices of such material, or to lessen competition therein within the United States.

2. SCOPE OF AGREEMENT

(a) All Perfect and Defective Rails 36 lbs. per yard or 17.85K per metre and upwards (excluding grooved Tram Rails and Crane Rails) for whatever purpose they may be exported, including all rolled sections of Fishplates (Continuous Joints), Soleplates (Tieplates), Combined Fish and Soleplates and Conductivity Rails, Guide or Guard Rails when in the shape of a Rail, shall come within the scope of this Agreement.

(b) Any Group, however, required to supply Soleplates fixed on sleepers in such a way that they cannot be separated, as for instance by welding, need not report the enquiry for allotment, but the weight of the Soleplates thus supplied shall be reported immediately on receipt of the order and debited to the supplying Group.

3. PARTLY FINISHED STEEL FOR EXPORT

(a) No Ingots, Blooms, or other partly finished steel to be used for the manufacture of Rails or any Defective Rails to be rerolled into new Rails, and no Rolled Bars to be used for the manufacture of Fishplates (Continuous Joints) or Soleplates (Tieplates) shall be sold by any of the Groups for delivery in the Reserved Areas of any other Group or into Neutral Countries.

(b) Subject to the provisions of Clause I (d), no Member of the Association shall knowingly supply semifinished material for the manufacture of Rails,

Fishplates (Continuous Joints) or Soleplates (Tieplates) to Rolling Mills or Makers not Members of the Association, or assist Outside Makers or New Works in this way to compete with the Association.

(c) The London Committee, however, may authorize delivery into Neutral Countries of rolled bars to be used for the manufacture of Fish or Soleplates if, in their opinion, there is reason to believe that such orders might otherwise be taken by Outsiders and, in that case, half of the tonnage involved shall be debited to the Group delivering the rolled bars.

4. COMMENCEMENT OF AGREEMENT

The operation of this Agreement shall commence as from 1st August 1935, inclusive.

5. MANAGEMENT

(a) The management is entrusted to a Committee, hereinafter called the Management Committee, composed of four American, three Belgian, four British, four French, four German, two Marigree, two Luxemburg, two CzechoslovakAustrian, one Hungarian, three Polish representatives, and one Italian representative, but only one representative of each Group may vote. Each Group shall have the following votes:

(b) On the demand of any Group, the Management Committee shall be convened by the General Secretary to meet within 15 days from the date of such demand.

(c) The general administration of the affairs is entrusted to a committee situated in London, hereinafter called the London Committee. This Committee shall be presided over by a General Secretary, appointed by the Management Committee, and will include one representative of each Group. The duties of the London Committee and of the General Secretary shall be to ensure the execution of all the instructions of the Management Committee as well as the regular working of the Agreement. Questions of allocations of work, of prices and conditions, etc., shall be considered by the London Committee, who will meet as often as necessary for the consideration of current matters. In the event of disagreement between the London Committee, reference shall be immediately made to the Management Committee, who shall decide by a majority of votes.

The London Committee shall have the right to take cognisance of all the correspondence exchanged between the General Secretary and the parties to this Agreement (except personal correspondence) in reference to matters to be dealt with by the London Committee, as also of all the documents relating to business negotiated.

(d) Any Member of the Management Committee may be represented at Meetings of that Committee by another Member or substitute authorized in writing.

6. ORDERS COMING WITHIN SCOPE OF AGREEMENT

(a) Allotments made or renewed between 1st August, 1935, and 31st January 1937, at the end of Pool I, and Orders resulting therefrom, shall be debited against that Pool, and the same regulations shall apply at the end of each of the Pools referred to in Clause 7; subject to the terms of subsection (b) of this Clause. (b) When a Group is in excess 10 percent of its quota one month prior to the

closing of a Pool, the Orders booked by that Group during the last month of any of the Pools, with the exception of the last Pool, shall be carried forward to the subsequent Pool.

7. DURATION OF AGREEMENT

(a) This Agreement shall remain in force until 31st July, 1940, inclusive, unless determined for causes mentioned in paragraph (b) and subject to any Group having the right to withdraw from the I. R. M. A. at the expiration of the third year.

The first two Pools to be for a period of eighteen months each, and at the end of the third year the Association will determine whether there shall be two further Pools of one year each or only one Pool of two years.

(b) If the competition of works not parties to this Agreement and established in the territory of a Group, becomes in the opinion of any Group too serious, any Group may give two months' notice to terminate the Agreement, but this notice shall not be given until the situation has been examined by the Management Committee, which shall be convened by the General Secretary as soon as possible at the request of any Group.

8. PROPORTIONS

(a) The Export Orders referred to in this Agreement shall be apportioned as follows:

Separate Agreements dated 26th July, 1935, have been entered into with the Polish, Czechoslovak-Austrian and Hungarian Groups, and with the German Group for Barter Business, copies of which are set out on pages 18, 19, 20, 21, 22, and 23 of this Agreement.

The terms of the arrangement with the "Baume & Nimy" Works are set out on page 24 of this Agreement.

The Agreement with the Italian makers provides that on and from 1st August, 1937, up to and including 31st July, 1940, the Italian Group become parties to the Agreement, with quotas varying between 0.50 percent, and 1 percent, according to total tonnage taken. The terms of the Agreement with the Italians are set out on page 25 of this Agreement.

(b) No party or parties to this Agreement may negotiate arrangements affecting this Agreement with any Maker or Makers not parties thereto, without the approval of the Management Committee.

(c) The purchase of any tonnage from parties to this Agreement, or from a Maker or Makers not parties thereto, may only be negotiated by the General Secretary for the benefit of the parties to this Agreement. Nevertheless, if there is more than one Group in the same Country, transfers of all or part of their quotas are authorized between the Groups of that same Country, and notification shall immediately be made in each case to the Management Committee.

(d) The direct transfer of quotas is also allowed between two Works in different Countries and belonging to different Groups, with the consent of the Groups concerned, if one of these Works is owned or worked by the other. Ownership is defined by the possession of at least 40 percent of the capital of the Works in question. Notification of these transfers shall be made in each case to the Management Committee. These transfers shall be provisional and shall be valid only for the duration of a Pool, but may be renewed..

9. RESERVED AREAS

Division of Export Orders and Reporting of Enquiries, etc

(a) It is agreed that the British Group reserves to itself the orders destined for the following Reserved Areas, subject to the right of the works in these Areas to accept orders for their respective Territories without debit:

The British Indies, Self-Governing Dominations, Dependencies, Protectorates and Territories administered by Charter; English Autonomous Colonies and Egyptian War Office and Anglo-Egyptian Sudan, and Countries under British Mandate. A list of these is shown in the Schedule attached hereto. (b) It is agreed that the American Group reserves to itself the orders destined for Cuba and Republic of Panama.

(c) It is agreed that the French Group and the French Works of the Marigree Group reserve to themselves the orders destined for the New Hebrides (jointly with British Group) and for Countries under French Mandate, a list of these is shown in the Schedule attached hereto.

(d) It is agreed that the Belgian Group, the Luxemburg Group and the Belgian and Luxemburg Works of the Marigree Group, reserve to themselves the orders destined for Countries under Belgian Mandate, a list of these is shown in the Schedule attached hereto.

(e) Orders from any of the Reserved Areas under this Clause shall be included as part of the proportions of the respective Groups under Clause 8.

(f) The Group entitled to the orders from Reserved Areas shall fix the price and conditions for such orders and the protection necessary, subject to the provisions of Clause 20. In the case of objection by any Group to the amount of protection, the amount thereof shall be fixed by the Management Committee.

(g) Enquiries or firm offers for 1,000 metric tons and over from any of the Reserved Areas under this Clause shall be immediately reported to the London Committee. As soon as such enquiries or firm offers are reported by any Group from its Reserved Areas, it shall be debited with the same as allotments, if the Group concerned decides to submit an offer other than for estimating purposes.

(h) When a Country under Mandate, referred to in Sub-Sections (a), (c), and (d) of this Clause, is de-mandated, it shall no longer be a Reserved Area, unless there are special circumstances, in which case the Management Committee will consider the position and decide.

10. UNRESERVED AREAS

(a) Enquiries for less than 500 metric tons of Rails only or Fishplates (Continuous Joints) Soleplates (Tieplates) for Unreserved Areas may be negotiated direct by any Group, at the prices fixed from time to time by the Management Committee.

(b) When, however, "Baume and Nimy" are more in deficit than the other Groups all Enquiries for Fishplates and Soleplates of 25 metric tons and over for neutral markets are to be reported to the London Committee until such time as "Baume and Nimy" are not the most in deficit.

This procedure to be put into operation as soon as the London Committee advise the Groups that "Baume and Nimy" are more entitled to business than any other Group.

(c) All enquiries, firm offers, and requests for Emergency Prices for 500 metric tons and over, of Rails or Fishplates (Continuous Joints) or Soleplates (Tieplates) for Unreserved Areas, including Defective Rails, shall be immediately reported to the London Committee, and shall stand over for one Meeting, unless special circumstances require a speedier treatment or there is a likelihood of outside competition.

In reporting enquiries and before any quotation can be made or any allotment granted, full particulars, including name of enquirer, consumer, tonnage, section. date of tenders, period of delivery, option, destination, and any other essential information must be given on the form provided.

By destination is meant the country in which the material enquired for shall be used, and where quotations f. o. t. or f. o. b. port of shipment are authorized a stipulation must be made in the case of enquiries from buyers other than Railways or their recognised agents that the material shall be shipped to the destination stated.

The London Committee will make known the Group or Groups which shall be appointed to negotiate for and execute the order if obtained. The Group receiv