Overview of the World Steel Industry Sample Clauses

Overview of the World Steel Industry. Iron and steel industry is one of the world’s most international industries and steel production connects with the world economy as a whole. Steel production plays an important role in the economy of each country and is considered as an indicator of economic progress. Steel has always been a fundamental material for wide variety of applications in many industries. It is the principal material used in the construction of industrial and domestic buildings, motor cars, automotive industry, machinery, merchant ships and the great majority of industry products. According to Sustainability report (2008) “The steel industry’s greatest value contribution is providing society with steel products that are indispensable in sustaining and improving our modern world and standard of living.” The biggest advantage of steel is that it is 100% recyclable. In addition to this, it doesn’t lose its properties during the recycle process. Recycling the steel results in (Sustainability report, 2008): 1. avoiding CO2 emissions 2. reducing the consumption of raw materials There are few substitutes for steel since the costs of the alternative materials are fairly high. Thus, it is commonly believed that steel is the material of future. Studying of steel trends indicates that steel production has a cyclical demand patterns and variability in earnings. The steel industry is demand driven branch and is influenced by many factors such as economic and political situation, environmental issues and etc. (Xxxxx, 2009). The globalization of the world economy has forced steel producers to expend global steel production. Thus steel production continues to take steps to strengthen its position in the world. Crude steel was produced in 79 countries during 2008. China ranks as the first producer in the world. China, Japan, Unites States produced accounted for 69% of world crude steel. Significant growth of the Chinese economy from 2003 till 2007 has considerably affected the competitiveness of steel industry as well as enhanced steel demand (Steel Statistical Yearbook, 2007). Country Rank 2008 2007 % 08/07 China 1 502,0 489,2 2,6 Japan 2 118,7 120,2 -1,2 United States 3 91,5 98,2 -6,8 Russia 4 68,5 72,4 -5,4 India 5 55,1 53,1 3,7 South Korea 6 53,5 51,5 3,8 Germany 7 45,8 48,6 -5,6 Ukraine 8 37,1 42,8 -13,4 Brazil 9 33,7 33,8 -0,2 Italy 10 30,5 31,5 -3,4 The graphical demonstration of the table is shown in the graph below: Top 10 steel-producing countries in 2008 4 3% % 4% 5% 5% 7% 9% 11% 3% 49%...
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