PERMANENT RECORD COPY UTAH INTERNATIONAL INC. Commercial & Financial Chronicle - Jan 27 72 Edmund W. Littlefield Chairman of the Board Utah International Inc. The economic outlook for the mining industry, as is the case more often than not, shows a mixed picture for the new year. While some expansion in real output promises to develop, the sluggishness which was so evident in 1970 and 1971 will not be easily diminished. Unless and until there is world-wide economic recovery of material significance, analysts should not expect a quick resurgence of profits for the overall mining industry. Virtually all of the non-ferrous minerals are now in surplus supply, and they are suffering from price weakness. The demand for U.S. iron ore and coking coal, at least in the short-term, will probably remain weak domestically as steel inventories accumulated in anticipation of a strike continue to be worked off. European steel industry demands are also sluggish. Additionally, coking coal exports to Japan, particularly those of the United States, will be under heavy pressure as the Japanese make adjustments for the New Economic Policy and the world-wide economic slowdown. Finally, the slippage in the construction timetables for nuclear power plants and the overhanging threat on the market of the Atomic Energy Commission stockpiles have combined to cause an apparent market softening in uranium, and the prospects for large surpluses in the immediate future are strong. Yet, in the wake of this industry recession and in spite of some mine construction delays and some industry-wide work stoppages, Utah International Inc. in 1971 reported record earnings for the seventh consecutive year. Utah earned $10,143,000 in the fourth quarter 1971 or $0.70 a share on a fully diluted basis compared with $0.49 a share for the comparable quarter last year. This brought 1971 earnings to a record level of $35,501,000, composed of $34,146,000