The steel industry is the biggest industry in the world after oil and gas, with an estimated global turnover of $900B. Steel is the most widely exploited and recycled metal on earth. Its various forms and alloys offer different properties to meet a wide range of applications, such as construction, transport, energy, infrastructure, packaging and machinery. It is also the main substance used in providing renewable energy such as thermal, solar and tidal power.
Before the introduction of the Bessemer process and other modern production techniques, steel was expensive and was only used where no cheaper alternative existed, particularly it was used for the cutting edge of knives, razors, swords, and other items where a hard, sharp edge was needed. With the advent of speedier and more efficient production methods, steel has become easier to obtain and much cheaper. Today, the housing and construction sector is the largest consumer of steel, using around 50% of steel produced. Because of the critical role played by steel in infrastructural and overall economic development, the steel industry is considered an indicator of economic progress.
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