GENTLEMEN: Today I would like to speak to you of the international iron ore trade - a new business scarcely 15 years old - and of its handmaiden, the ocean transportation of iron ore. These are the outgrowth of the restructuring of the world iron ore supply sources, borne of the necessity for an expanding world steel industry to look overseas for the raw material required to sustain its production at economical costs. I believe that it is worthy of your attention because it has had far reaching impacts on the economies of many countries. The steel industry of any country is a cornerstone of its industrial development and its ability to provide steel at competitive prices affects all other businesses. Today the steel industry of any country rests in large measure on the international iron ore trade. As late as 1950 the steel industry of the world was largely concentrated in three clusters, each largely self-sufficient insofar as iron ore supplies were concerned. However, in the past 14 years all this has changed radically and each steel center is now drawing ore from great distances to feed its furnaces. Vast amounts of capital, largely from the U.S. and some from Europe, have been invested in the development of new mines and in the bridge of ships that brings this ore to market.