"...three of the horns in turn, and under the punitive hand of God become smiths [ie., craftsmen, carvers], while the fourth and last horn is cast down by the world-wide kingdom set up by the returning Christ, coming to dash to pieces His enemies who are at the same time His peoples' enemies (Psa 2:1-12).
"Thus the first horn (Babylon) is cast down by Medo-Persia, the second horn. The second horn (Medo-Persia), accordingly, becomes the first smith. The second horn (Medo-Persia) is cast down by the third horn, [which] thus becomes the second smith. The third horn (Macedonian Greece) is in turn cast down by the fourth horn (Rome), which thus becomes the third smith. The fourth horn (Rome), the most dreadful of all... in its revived ten-kingdom form of the [latter] days, is destroyed by the fourth smith: the millennial kingdom set up by the returning 'King of kings and Lord of lords' (Rev 19:16)."
[adapted from Dr. Merrill F. Unger's commentary on Zechariah, as quoted by JVMcGee]
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