2. Except for copper we principally serve two industries - the steel industry with iron ore and coking coal, and the utility industry with uranium and steam coal. Against this general background let's address ourselves to these questions. What is the indicated impact of the recent economic changes on sales volumes in the short run and in the long run? What is the probable impact on profit margins? How have these changes affected Utah's ability to sustain its rate of growth? Dealing with the sales volume question first, a review of our long-term contracts reveals that three of our principal contracts are requirements contracts - one with U. S. Steel for iron ore at Cedar City and two with the utilities covering steam coal from our Navajo mine. Under these our volume of deliveries fluctuates depending upon the needs of our customers. At Goldsworthy there are five contracts with Japanese buyers due to expire March 31, 1973 that require the purchase and delivery of 4, 880, 132 tons which can vary 10% up or down on mutual agreement between Goldsworthy and the buyer and there are four contracts involving 57,769,252 tons with delivery to end in 1980 in which the buyers have the option to elect annually to vary the amount by 15% over or under the average annual quantities. The coking coal contracts at Blackwater, Goonyella, and Peak Downs provide for an optional amount by which the buyer can vary from the annual average volume plus or minus 5%. Though the annual purchases may vary from the base rate, in these contracts and at Goldsworthy the buyer must purchase the full contract quantity by the end of the contract period. In uranium contracts the quantities are firm. In copper contracts the miner is guaranteed a market for his concentrates with the smelter charges usually fixed but the price fluctuating with the copper markets.