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App. II-B-1 <br /> under new management. Mid-Continent will ship coal according to need, which in <br /> turn will be determined by the success of Geneva's new owners in selling their steel. <br /> Pohang Iron & Steel Co. of South Korea is a major customer for Mid-Continent. The <br /> company is building an additional steel mill in South Korea, and will be increasing <br /> coal purchases. Mid-Continent is in the running as a supplier to the new mill, <br /> although there is substantial competition, and prices on the international market are <br /> extremely weak. <br /> It is essential to our marketing efforts that Mid-Continent should be prepared to <br /> meet the demands of our customers, both in terms of coal quality and quantity. <br /> Accordingly, production from either of the two seams we mine depends on <br /> customer preference and specifications. The volume of refuse generated also <br /> depends upon customer requirements. <br /> Because of the highly competitive market, Mid-Continent cannot afford to turn down <br /> business, and so must be prepared for any upsurges of demand for our coal. <br /> Such an upsurge occured in the winter of 1984, for example, when Mid-Continent <br /> found it necessary to reopen the idled #3 mine, despite heavy snows, in order to <br /> meet orders. Operation continued through the next year, but the mine has again <br /> been idled due to constrained demand. <br /> 5 <br />