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The steel industry produces raw steel and finished products and is closely related to the iron industry. Steel played a vital role in the industrial revolution and is an indicator of global economic progress. The industry has reciprocal relationships with other industries such as mining and railway. Steel was expensive to produce before the mid-19th century, but the Bessemer converter led to modern industrial steel production. Steel has not historically been traded as a commodity, but this has changed in the early 21st century.
The steel industry is a diverse and global entity that produces both raw steel and finished products. It is often closely related to the iron industry, as steel is an alloy of iron. Steel played an important role in the industrial revolution, and the health of the steel industry continues to be closely linked to the economic progress of both industrialized and developing countries. The United States was once the world’s largest supplier of steel, although China and other nations have also emerged as major forces in the industry.
Steel has been around for at least 4,000 years, although the industry is relatively new in comparison. Prior to the mid-19th century, steel was expensive and difficult to produce. The crucible process was developed early in the Industrial Revolution, although metal was still prohibitively expensive for most purposes. In the mid 19th century, a device known as the Bessemer converter was developed, leading to the genesis of modern industrial steel production. This was the primary method for industrial steelmaking until the 1800s when the basic oxygen method began to take over.
Throughout the history of the steel industry, it has played an important role in both the developed and developing world. Because steel is ubiquitous in its use for construction and other purposes, the health of the industry can be an indicator of overall global economic progress. If the steel industry is healthy and there is strong demand for its products, then this can be seen as a positive sign for the global economy.
A wide variety of industries share some sort of dependent or reciprocal relationship with the steel industry. Mining industries, for example, may depend on global demand for steel. One of the main uses of iron is the production of steel, so both the iron industry and the iron mining industry can depend on the demand for steel. Similarly, the steel industry can depend on a variety of other industries that use steel. The railway industry, for example, can make extensive use of steel in the construction of tracks, cars and locomotives.
Steel has not historically been traded as a commodity, although that has changed in the early part of the 21st century. Since then, some commodity markets may allow the buying and selling of steel. This can affect steel prices and the industry as a whole. Recycled steel can also be traded through commodity exchanges.
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