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Directors of United States Steel Corp. during 20 years next preceding above

data-Continued (NOTES.-With respect to present directors, the number of shares are those beneficially owned based upon

information furnished the secretary by such directors during 1950. With respect to former directors, the number of shares are the largest number held of record by them during the periods in which they were directors. These record holdings of common stock have been adjusted to the 3-for-1 split (that is, multiplied by 3).)

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B. FORMER DIRECTORS

continued
Filbert, William J. Dec. 30, 1919 | Feb. 4, 1944 Formerly chairman of finance

committee, United States
Steel Corp., New York,

N. Y.
Fraser, Leon..... June 16, 1936 Apr. 8, 1945 Formerly president, the First

National Bank of the City
of New York, New York,

N. Y.
Houston, David F.
Apr. 21, 1930 Sept. 2, 1940 Formerly president, Mutual

Life Insurance Co., New

York, N. Y.
Lamont, Thomas W... Apr. 16, 1928 Feb. 2, 1948 Formerly chairman of board,

J. P. Morgan & Co. Inc.,

New York, N. Y.
Mather, Samuel..... Nov. 30, 1909 Oct. 18, 1931 Formerly partner, Pickands,

Mather & Co., Cleveland,

Ohio.
Morgan, J. P., Jr....... May 25, 1909 Mar. 13, 1943 Formerly chairman, J. P.

Morgan & Co., Inc. New

York, N. Y.
Morgan, Junius S... - Dec. 18, 1928 Dec. 9, 1941 Vice president, J. P. Morgan

& Co. Inc., New York,

N. Y.
Morrison, Thomas..
JJuly 26, 1904 Jan. 31, 1911 Formerly with the Carnegie

Co.
\Apr. 20, 1914 Oct. 26, 1937

(Pittsburgh, Pa.. SApr. 6, 1901

(Formerly with Roberts, Percival, Jr..--Nov. 30, 1909

June 3, 1902

& P. Dec. 17, 1935

Roberts Co., Philadelphia,

Pa.
Stettinius, Edward R., Dec. 17, 1935 June 4, 1940 Formerly chairman board of
Jr.

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A.

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directors, United States
Steel Corp., New York,
N. Y.

Enders M. Voorbees also has contingent interests in 3,200 shares of common stock held in an estate or trust

POSTSCRIPT.— With respect to certain of the former directors, the beneficial ownership of stock reported by them to the secretary for inclusion in proxy statements for stockholders' annual meetings exceeded their holdings of record as set out in the preceding pages. The largest number of shares so reported by such directors are as follows:

Preferred

Common

Name:

Fraser, Leon.
Lamont, Thomas W.
Morgan, Junius S.
Stettinius, Edward R., Jr.

101
210
250

600 1,500

867 11,500

* Also 900 as executor, in which he had beneficial interest.
NOTE.—The common stock so reported is adjusted to the 3-for-1 split (that is, multiplied by 3).

EXHIBIT S-206

THE CLEVELAND-CLIFFS IRON COMPANY,
OFFICES 14TH FLOOR, UNION COMMERCE BUILDING,

Cleveland, Ohio, July 12, 1950.
Mr. EDWARD H. LEVI,
Counsel, United States House of Representatives,
Committee on the Judiciary, Subcommittee on Study of Monopoly Power,

Washington, D. C. DEAR MR. LEVI: This will acknowledge your letter of June 5, 1950, and enclosed chart designated 96347 SS 101a, which I return herewith. You have asked me to return the chart and advise you of any errors that occur therein. The chart is the same chart that appears at page 917 of the official verbatim transcript of hearings before the Special Subcommittee of the Judiciary Committee of the House of Representatives in connection with its study of the antitrust laws, as published by the Bureau of National Affairs, Inc. The chart was introduced into the record by the chairman of the Special Subcommittee at the time of my testimony before that committee, was not presented to me for examination or testimony at that time and, therefore, has gone into the record wtibout explanation. The chart was introduced into the record by the chairman with the following statement at page 916 of such official verbatim transcript : "It clearly indicates a rather unhealthy relationship where these various steel companies which are in part owned by The Cleveland-Cliffs Iron Company also have their own directors as directors of The Cleveland-Cliffs Iron Company."

Considered alone, the chart without explanation can be grossly misleading since it does not clearly explain the stock ownerships nor the director representation referred to. The implications of the Chairman's statement quoted above are that the various steel companies have placed directors on the Board of Cleveland-Cliffs. At page 913 of the above-mentioned transcript of hearings, the Chairman questioned whether various steel companies “use Cleveland-Cliffs as a means of skirting about and avoiding the implications of Section 8 of the Clayton Act.” As you know, directors are elected by the stockholders of a company and it is obvious, therefore, that a company which owns no stock in another company can have no say as to having "their own directors as directors" on the Board of the latter company; further that a company owning stock in a company, but not proposing or being invited to have a director to serve on the Board of that company is not represented by an individual director on such Board and does not “have” anyone as a director of that company. Jones & Laughlin Steel Corporation, Wheeling Steel Corporation, and Youngstown Sheet & Tube Company own no stock in The Cleveland-Cliffs Iron Company and obviously cannot elect a director to the Board of The Cleveland-Cliffs Iron Company. No new director has been elected and the personnel of the Board of Directors of The Cleveland-Cliffs Iron Company has not changed since Republic Steel Corporation acquired shares of common stock of Cleveland-Cliffs, notwithstanding that a meeting of shareholders of Cleveland-Cliffs for the purpose of electing directors has been held since such stock acquisition by Republic. Therefore, any implication drawn from the chart that Jones & Laughlin Steel Corporation, Republic Steel Corporation, Wheeling Steel Corporation or Youngstown Sheet & Tube Company are represented by a director on the Board of The Cleveland-Cliffs Iron Company or “have their own directors as directors” of Cleveland-Cliffs is an incorrect and improper implication.

Cleveland-Cliffs has an investment in the common stock of Jones & Laughlin Steel Corporation. Mr. E. B. Greene, former President and now Chairman of the Board and a director of The Cleveland-Cliffs Iron Company, is a director on the Board of Jones & Laughlin Steel Corporation. He is not on the Board of Cleveland-Cliffs as a Jones & Laughlin director.

Mr. A. C. Brown, President and a director of The Cleveland-Cliffs Iron Company, is a director of Republic Steel Corporation in which Cleveland-Cliffs has an investment in Republic common stock. He is not on the Board of ClevelandCliffs as a Republic director. As explained later, Mr. William G. Mather is not a director of either Cleveland-Cliffs or Republic.

Mr. W. R. Burwell, a director of The Cleveland-Cliffs Iron Company, is a director of Wheeling Steel Corporation in which Cleveland-Cliffs owns a common stock interest and formerly owned a preferred stock interest. He is not on the Board of Cleveland-Cliffs as a Wheeling Steel director. While Cleveland-Cliffs owns a stock interest in Youngstown Sheet & Tube Company, no director or officer of Cleveland-Cliffs or of any of its subsidiaries is presently a director on the

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EXHIBIT S-206

THE CLEVELAND-CLIFFS IRON COMPANY,
OFFICES 14TH FLOOR, UNION COMMERCE BUILDING,

Cleveland, Ohio, July 12, 1950.
Mr. EDWARD H. LEVI,
Counsel, United States House of Representatives,
Committee on the Judiciary, Subcommittee on Study of Monopoly Power,

Washington, D. C. DEAR MR. LEVI: This will acknowledge your letter of June 5, 1950, and enclosed chart designated 96347 SS 101a, which I return herewith. You have asked me to return the chart and advise you of any errors that occur therein, The chart is the same chart that appears at page 917 of the official verbatim transcript of hearings before the Special Subcommittee of the Judiciary Committee of the House of Representatives in connection with its study of the antitrust laws, as published by the Bureau of National Affairs, Inc. The chart was introduced into the record by the chairman of the Special Subcommittee at the time of my testi. mony before that committee, was not presented to me for examination or testi. mony at that time and, therefore, has gone into the record wtihout explanation. The chart was introduced into the record by the chairman with the following statement at page 916 of such official verbatim transcript : "It clearly indicates a rather unhealthy relationship where these various steel companies which are in part owned by The Cleveland-Cliffs Iron Company also have their own directors as directors of The Cleveland-Cliffs Iron Company."

Considered alone, the chart without explanation can be grossly misleading since it does not clearly explain the stock ownerships nor the director representation referred to. The implications of the Chairman's statement quoted above are that the various steel companies have placed directors on the Board of Cleveland-Cliffs. At page 913 of the above-mentioned transcript of hearings, the Chairman questioned whether various steel companies “use Cleveland-Cliffs as a means of skirting about and avoiding the implications of Section 8 of the Clayton Act.” As you know, directors are elected by the stockholders of a company and it is obvious, therefore, that a company which owns no stock in another company can have no say as to having "their own directors as directors" on the Board of the latter company; further that a company owning stock in a company, but not proposing or being invited to have a director to serve on the Board of that company is not represented by an individual director on such Board and does not “have" anyone as a director of that company. Jones & Laughlin Steel Corporation, Wheeling Steel Corporation, and Youngstown Sheet & Tube Company own no stock in The Cleveland-Cliffs Iron Company and obviously cannot elect a director to the Board of The Cleveland-Cliffs Iron Company. No new director has been elected and the personnel of the Board of Directors of The Cleveland-Cliffs Iron Company has not changed since Republic Steel Corporation acquired shares of common stock of Cleveland-Cliffs, notwithstanding that a meeting of shareholders of Cleveland Cliffs for the purpose of electing directors has been held since such stock acquisition by Republic. Therefore, any implication drawn from the chart that Jones & Laughlin Steel Corporation, Republic Steel Corporation, Wheeling Steel Corporation or Youngstown Sheet & Tube Company are represented by a director on the Board of The Cleveland-Cliffs Iron Company or "have their own directors as directors” of Cleveland-Cliffs is an incorrect and improper implication.

Cleveland-Cliffs has an investment in the common stock of Jones & Laughlin Steel Corporation. Mr. E. B. Greene, former President and now Chairman of the Board and a director of The Cleveland-Cliffs Iron Company, is a director on the Board of Jones & Laughlin Steel Corporation. He is not on the Board of Cleveland-Cliffs as a Jones & Laughlin director.

Mr. A. C. Brown, President and a director of The Cleveland-Cliffs Iron Com. pany, is a director of Republic Steel Corporation in which Cleveland-Cliffs has an investment in Republic common stock. He is not on the Board of Cleveland. Cliffs as a Republic director. As explained later, Mr. William G. Mather is not a director of either Cleveland-Cliffs or Republic.

Mr. W. R. Burwell, a director of The Cleveland-Cliffs Iron Company, is a director of Wheeling Steel Corporation in which Cleveland-Cliffs owns a common stock interest and formerly owned a preferred stock interest. He is not on the Board of Cleveland-Cliffs as a Wheeling Steel director. While Cleveland-Cliffs owns a stock interest in Youngstown Sheet & Tube Company, no director or officer of Cleveland-Cliffs or of any of its subsidiaries is presently a director on the

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