HYPERION ECONOMIC JOURNAL

Hyperion University of Bucharest
Blue Colour Green Colour Orange Colour Red Colour

HYPERION ECONOMIC JOURNAL

April 2024
Mo Tu We Th Fr Sa Su
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

The Socio-Economic Importance of Steel - An Overview of Global Steel Demand

 FULL TEXT

Authors:
  • Oana CHINDRIȘ-VĂSIOIU, PhD, SR III, Affiliation: Institute for World Economy - Romanian Academy, Romania;
Pages:  18 : 22
Abstract:

Steel is one of the most used metals in modern society. Versatility, durability and resistance make it a popular choice for many different applications: metal constructions/confections, pipes for the transport of hot/cold drinking water, parts and parts for machinery, power line poles, auto production, advertising industry, household appliances. Steel is an alloy of iron and carbon containing less than 2% carbon, 1% manganese and insignificant amounts of silicon, phosphorus, sulfur and oxygen. There are more than 3500 grades of steel with different physical and chemical properties. British inventor Henry Bessemer is credited with developing the first mass production technique for steel in the mid-1850s. Steel is still produced using technology based on the Bessemer Process of blowing air through molten iron to oxidize the material and separate impurities. Considering the many fields in which steel is used and the impact of its use on the world economy, in this paper I considered it important to analyze the demand and consumption of steel at the world level. Thus, I focused both on the comparative analysis of world regions and on an analysis of the main ten steel consuming countries worldwide. In my study I used data provided by the World Steel Association, an international organization founded in 1976, which represents and promotes the steel industry globally.

JEL classification: L61, N60

 FULL TEXT

 

L61, N60