EXHIBIT S-177

Norway. Proposed erection of a rolling ill at berver

we have been informed of the constitution in Norway of a company, the A/S Vestnorges Jernvalseverker, who intend erectin a rolling-mill at Bergen. The annual output taken into consider tion would be of 40.000 t at the beginning and 50.000 t later or The products to be rolled are Lagote-end bitteto 50/120 and let merchant barp, small sections, wire rods and narrow hoops.

The cost of erection is estimated at 6/8 million Kr., but the ground has not yet been bought. Still, we have been informed that the above company have already tried to ensure their fature requirements in Cesia. Enquiries have been sent to this effect through the medium of the builders of their rolling-mill to a German concern. Naturally no reply was given to these enquiries.

Please make a note of the foregoing and advise us at once of any information which you might obtain about this question. It is quite obvious that any enquiry which you may receive from that side in regard to the supply of senia pust be sternly turned down.