The Steel Industry

Paper Summary:

This paper explains that the steel industry is a major determinant of economic health and is itself much affected by economic changes in both the macro- and micro-economy. The author points out that steel has a particular role in construction today; therefore, the degree of health in the construction industry, especially for commercial construction, affects the demand for steel. The paper relates that the domestic steel production attempts to meet the demand, to reduce imports of steel from other parts of the world while trying to increase its own ability to export steel.

From the Paper:

"The steel industry is a major determinant of economic health and is itself much affected by economic changes in both the macro- and micro economy. Steel has a particular role in construction today, and the degree of health in the construction industry, especially for commercial construction, affects the demand for steel. Domestic steel production tries to meet the demand and often tries to reduce imports of steel from other parts of the world while trying to increase its own ability to export steel. Other countries also take a protectionist stance toward steel, with varying results. The demand for steel is only somewhat price elastic and is governed more by need, given that substitutes are few, especially for construction uses. Steel prices are affected by economic health, construction demand, automobile industry needs, market conditions, and general economic conditions. Steel is used in thousands of products as well as for big projects."

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