I. The United States: (a) Consumption of Scrap and Pig-Iron in the Manufacture of Basic Open-Hearth Steel, 130; (b) Factors Affecting the Supply of Scrap, 140. II. The United Kingdom, 144.— (a) The Elasticity of Substitution Between Scrap and Pig-Iron: South Wales and Monmouthshire, 146; The Northeast Coast, 148; (b) The Elasticity of Supply of Scrap and Pig-Iron: South Wales, 149; The Northeast Coast, 151. III. Conclusions, 154.