2 - of railroads and the Company was the leading railroad contractor in the Far West. By 1920 the railroads were largely built and the Company turned its efforts to other endeavors dams, tunnels, earth moving, and other types of heavy engineering construction. It was a leading Company in the joint ventures that built such great structures as Hoover, Bonneville, and Grand Coulee Dams. It was recognized as a leader in its field but even after 56 years of such labors the Company had a mere 257 shareholders, 2,400 employees, earned $4.2 million or 16c a share and the stock could have been purchased over the counter as low as $1.18 that year. The Company did less than $43 million of business and over 75% of this was contract construction. UTAH TODAY It is a very different enterprise today. The heavy construction assets were sold in 1969 and the dredges in 1971. Now the main activity of the Company is mining. The principal minerals produced are coking coal and iron ore for the steel industry; uranium, steam coal, oil and natural gas for the energy consuming industries; and copper concentrates for general industrial use. We derive some modest income from by-products of copper mining such as gold, silver, molybdenum, and rhenium, a member of the platinum family used in the production of no-lead gasoline. We are engaged in the ocean transportation of ores and bulk cargoes, and land development activities are also conducted on a comparatively modest scale. STRUCTURE OF THE COMPANY These businesses are carried out in a corporate setup in which Utah International functions both as an operating company and as a holding company. It has