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Books > Business & Economics > Industry & industrial studies > Construction & heavy industry > Iron, steel & metals industries
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Steel Industry - Price & Policy Issues (Paperback)
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Steel Industry - Price & Policy Issues (Paperback)
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Steel prices remain at historically elevated levels. The rapid
growth of steel production and demand in China is widely considered
as a major cause of the increases in both steel prices and the
prices of steel-making inputs. Steel companies have achieved much
greater pricing power, in part through an ongoing consolidation of
the industry. Most of the integrated side of the industry, nearly
half of U.S. production, is controlled by just two companies: U.S.
Steel, the traditional industry leader, and Mittal Steel, itself
the result of multiple international mergers. Moreover, Mittal in
2006 merged with the global number-two producer, Arcelor. Nucor and
Gerdau have been active major consolidators of U.S. minimill
production. U.S. steel production in 2005 was 104.6 million tons, a
5% decline from the high level of 2004. The net decline in output
was mainly on the integrated side of the industry, which has
continuously lost share. Imports also fell from the high level of
2004, although they rebounded by nearly 50% in early 2006. Input
prices, especially ferrous scrap and iron ore, remain high and have
contributed to higher production costs, which have been largely
passed along to industrial consumers. The growth of China
contributed to a large increase in demand for both steel and
steel-making inputs. China has become both the world's largest
steel-maker and steel consumer. This new book presents the latest
analyses on this critical industry.
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