The Steel Industry

The steel industry is a global entity that produces both raw steel and finished products. It has played a huge role in the industrial revolution and continues to play a large part in the economic progress of both developed and developing nations.

The ductility of structural steel allows it to yield at various points of stress, redistributing the stresses and preventing premature failures. Steel is also extremely durable and can be reused after structures are disassembled. Steel is also very quick and cost efficient to fabricate, which makes it ideal for construction.

Historically, steel unions ensured high wages and middle-class living standards for the workers in the United States. However, technological obsolescence and increased foreign capacity forced many companies to move overseas, resulting in the disappearance of these good paying jobs. In the wake of this, President Trump implemented Section 232 tariffs on global steel, which has allowed domestic producers to return to sustainable financial health and increase their production.

Emerging Trends in the Steel Industry: Innovation, Sustainability, and Growth

A multilateral solution to the chronic problem of surplus steel capacity is essential. Until this occurs, the inefficacy of market mechanisms and national policy distortions by foreign governments will continue to threaten U.S. steel production at a scale that is critical to national security.

Excess steel refers to unused material that was either purchased for a project and then canceled, or material that was produced at a mill but never sold to a construction company. It can also include steel that was fabricated for a structure but had minor issues that would have resulted in the steel being rejected during original manufacturing inspections.