Wednesday, October 30, 2013
What the Steel Industry Is Made Of
Steel has been the backbone of the global industrial economy since its mass production was standardized following the development of the Bessemer converter in 1857. It is an alloy of iron ore, carbon and other elements, and is used in residential and non-residential construction and fabrication, in the production of machinery, vehicles, appliances, oil and gas rigs and ships, and in various other products.
China is the largest producer and consumer of steel in the world. A total of 1.51 billion tons of steel was produced globally in 2012, out of which 708.78 million tons was produced in China. ArcelorMittal S.A. (MT) is the world’s largest steel producer, with an annual production capacity of 119 million tons. Read More: AKS, MT, NUE, SLX, STLD, X