Steel is a key product in the automotive, transport, construction, oil and gas, power, and machine sector. From 851 Mt to 1,606 Mt (megatons), its production worldwide has increased. The consumption also increased from 150 kg to 225 kg in a span of 12 years. At present, the steel industry employs more than 50 million people around the world.
The Reputation of Steel About 97% of steel by-products are recyclable. This results in more than 83% of the global weighted average – automotive (85%), construction (85%), electrical and domestic (50%), and machinery (90%). In addition, steel is also the leading material that delivers solar, tidal, and wind renewable energy. According to the World Steel Association, steel is part of every person’s life. Due to its formability, strength, and versatility, it’s ideal for both small-scale (steel food cans and computers) and big-scale projects (skyscrapers, safety equipment, and commercial kitchens). In fact, the construction and housing sectors are among the major consumers of steel, using about 50% of the world’s production.
The Rise of US Steel Industry The United States is the third largest steel producer worldwide, with about 5.4% worth of shares in crude steel production. Due to demands from different sectors, it’s also among the leading steel consumers in the world. According to the US Steel Industry Outlook 2014-2019 research report, the US steel industry plays a big role in its overall economic development. Analysts noted that production of crude steel in 2014 would increase up to 4.8%. At the same time, consumption will also increase to 5.7%.The report also added how the US industry is growing in terms of production, export and import, consumption, and price and steel demand analysis. As different sectors continue to advance, the demand for steel is likely to increase. This industry significantly supports the promotion of new breakthroughs and developments in the future.
Sources: http://www.worldsteel.org/mediacentre/key-facts.html http://www.fool.com/investing/gene ral/2014/08/24/3-reasons-us-steelsstock-could-rise.aspx http://www.wasatchsteel.com/steel. html