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Eco/360 Industry Overview (The Steel Industry)

4335 words - 17 pages

The Steel IndustryAccording to Encyclopedia Britannica online, steel is "the most widely used material for building the world's infrastructure and industries." As the world grows and advances, industrial globalization occurs. Industrial globalization affects the economies of many nations throughout the world. One industry whose globalization has affected the cost and supply of its product is the steel industry. In the last few years, the steel industry has experienced an increased demand for steel, which in turn has caused the cost of steel to increase drastically.In order to understand the mechanics of this phenomenon we must analyze the entire industry, beginning with its history. This paper will then look at economic growth indicators such as unemployment, the Consumer Price Index (CPI)/inflation, the Gross Domestic Product (GDP), S&P 500 standings, auto sales, and foreign exchange rates. Economic indicators such as these are valuable tools for businesses, individuals, industries, and governments. The ones analyzed within this paper will show how they have affected and continue to affect the steel industry.Forecasts based on the latest data and in-depth analysis of sectoral trends, while theory based, can greatly assist any industry. An overview of key industry players, market developments, and production and regulatory trends complement sectoral demand forecasts, historic data, and analysis. Industry forecasts also include information on a country's political structure; economic policy and business issues; foreign investment, foreign trade and taxation policies and trends; and a macroeconomic outlook. The amount of information that makes up a forecast within a certain industry provides adjustable and beneficial data within that industry. This allows organizations to capitalize within their industry and provides vital information for industry success.Finally, taking all this data into consideration, a SWOTT (strengths, weaknesses, opportunities, threats, and trends) analysis of the steel industry will finalize this team's recommendations and strategic initiatives.HistoryThe steel industry began in the United States in the mid-1870s when industrialist Andrew Carnegie constructed the J. Edgar Thomas Works steel mill in Braddock, Pennsylvania. This enterprise was so profitable that he and his associates were able to purchase other nearby steel mills. The Carnegie Steel Company was formed in 1892 to manage the business; the company was comprised of eight steel mills when it was sold to The United States Steel Company in 1901.In 1886, two iron-producing companies united to begin production of steel several miles south of Pittsburgh, Pennsylvania. Over the next 60 years, the Jones and Laughlin Steel Company (J & L Steel) expanded operations, providing brisk competition to the Carnegie Steel Company, and to U.S. Steel.J. P. Morgan and Elbert H. Gary founded the United States Steel Company in 1901 when they combined their holdings in the...

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