Steel Industry
See also: History of the modern steel industry, Global steel industry trends, Steel production by country, and List of steel producersIt is common today to talk about "the iron and steel industry" as if it were a single entity, but historically they were separate products. The steel industry is often considered to be an indicator of economic progress, because of the critical role played by steel in infrastructural and overall economic development.
In 1980, there were more than 500,000 U.S. steelworkers. By 2000, the number of steelworkers fell to 224,000.
The economic boom in China and India has caused a massive increase in the demand for steel in recent years. Between 2000 and 2005, world steel demand increased by 6%. Since 2000, several Indian and Chinese steel firms have risen to prominence like Tata Steel (which bought Corus Group in 2007), Shanghai Baosteel Group Corporation and Shagang Group. ArcelorMittal is however the world's largest steel producer.
In 2005, the British Geological Survey stated China was the top steel producer with about one-third of the world share; Japan, Russia, and the US followed respectively.
In 2008, steel began trading as a commodity on the London Metal Exchange. At the end of 2008, the steel industry faced a sharp downturn that led to many cut-backs.
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Famous quotes containing the words steel and/or industry:
“The finest workers in stone are not copper or steel tools, but the gentle touches of air and water working at their leisure with a liberal allowance of time.”
—Henry David Thoreau (1817–1862)
“The reason American cars don’t sell anymore is that they have forgotten how to design the American Dream. What does it matter if you buy a car today or six months from now, because cars are not beautiful. That’s why the American auto industry is in trouble: no design, no desire.”
—Karl Lagerfeld (b. 1938)