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Economic Characteristics of Steel Industry
Pages 4 (1004 words)
In current scenario, the significance of steel industry cannot be overlooked in the national defense and financial competitiveness of any country. Steel is the main ingredients of railroads, bridges, skyscrapers, automobiles, construction, transportation, manufacturing, different appliances, and a range of user products…
Increasing population in many parts of the world especially in BRIC countries has also increased the requirement of steel based products such as new vehicles, appliances and building infrastructures. Government is the first force that plays two critical roles. First, local and international sustainable and environmental laws are put into effect to protect the environment from adverse effects of steel producing plants. Second, when the steel firms require protection, it inflicts tariffs and trade regulations plus tax breaks or subsidies; however this can be minimized by providing Free Trade Agreements. Steel industry is highly influenced by technology and fuel prices. Technology has not only improved the quality of steel products but also the continuously growing fuel prices force the steel producing companies to figure out and implement new, innovative, and cost-effective technology and practices. During the past few years, the mergers and acquisitions have not only enhanced the growth of steel industry but also made the industry more cost competitive where competition is primarily based on prices. Recycling of steel and scrap material is another critical driving force which plays an important part in the joint projects. ...
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