The Steel Industry: An Introduction To The Steel Industry

Introduction About The Steel Industry

The volume of steel consumed has been the barometer for measuring development and economic progress. Whether it is construction or industrial goods, steel is the basic raw material. Lighter metals and stronger alloys have been developed. Plastics and synthetics have replaced steel in many areas.

Steel is made from ores still found in abundance around the world. Technological developments have brought down the time for transformation from iron ore to steel to within a day. Even after decades of use, it can be sent back to the furnaces as scrap, melted and remade into new qualities of steel. It is the most recycled material in the world. In developed countries, recycling accounts for almost half of the steel

peaked in 1977, then fell by half before staging a modest recovery to levels well below the peak

Over the course of the 20th century, production of crude steel has risen at an astounding rate, now fast approaching a production level of 800 million tons per year. Today, it is difficult to imagine a world without steel.

During the 20th century, the consumption of steel increased at an average annual rate of 3.3%. In 1900, the United States was producing 37% of the world's steel. With post war industrial development in Asia that region now (at the start of the 21st century) accounts for almost 40%, with Europe (including the former Soviet Union) producing 36% and North America 14.5%.

Steel consumption increases when economies are growing, as governments invest in infrastructure and transport, and as new factories and houses are built. Economic recession meets with a dip in steel production as such investments

Steel production and consumption grew steadily in China in the initial years but later it picked up momentum and the closing years of the century saw it racing ahead of the rest of the world. China produced 220.1 million tonnes in 2003, 272.2 million tonnes in 2004 and 349.36 million tonnes in 2005. That is much above the production in 2005 of Japan at 112.47 million tonnes, the USA at 93.90 million tonnes and Russia at 66.15 million tonnes. For details of country-wise steel production see Steel production by