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| Image Source: bloomberg.com |
Due to its high tensile and affordability, steel has easily become one of the world’s most valued commodities. Its broad applications—from machine tools to household instruments—have steeled the material as an all important product in nearly all industries.
In Europe, for example, steel has remained a competitive and indispensable industry that services a wide range of fields such as mechanics, shipbuilding, automotive, appliances, packaging, construction, and transportation. According to recent data, the European commission estimates the worth of the EU steel sector at €150 billion, with a production of roughly 200 million tons of steel annually.
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| Image Source: epthinktank.eu |
In other parts of the world, steel production has remained strong and productive. China, which is the biggest steel producing country in the world, accounted for nearly 50 percent of the world steel production in 2013. This, according to experts, is due to the country’s rapid modernization, construction, and increasing investments in infrastructure and manufacturing industries.
Other countries with significant steel production are Japan, United States, and India.
Today, steel has become a strategic industry essential to the growth and stability of some of the world’s most powerful countries. It has helped nations build the face of the planet through various infrastructure technologies and material innovations. Not only has it helped improve our treasures, but it also has become a fundamental part of society and people’s modern way of life.
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| Image Source: investorplace.com |
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