Iron & Steel Manufacturing in the US
The Iron and Steel Manufacturing industry has endured difficult operating conditions over the five years to 2019. Industry revenue follows fluctuations in the world price of steel products, which reflects global supply and demand trends. Prior to the beginning of the five-year period, the world price of steel soared as downstream manufacturers ramped up production to meet renewed demand after the recession. However, revenue began to decrease in 2012 when decelerating growth in emerging markets and increased global overcapacity negatively affected the price of steel. Ultimately, downward pressure on steel prices due to global overcapacity, coupled with the appreciation of the US dollar in recent years, has presented a significant challenge to domestic steel producers. Over the next five years, import competition will continue to challenge the industry and push uncompetitive operators out of the market. To compete more effectively with foreign steel producers, large domestic manufacturers will continue to acquire smaller steel mills, driving consolidation in the industry.
Companies in this industry manufacture pig iron, steel and ferroalloys. Pig iron is often manufactured in a blast furnace or via newer direct-reduction methods. Steel may be manufactured in basic oxygen furnaces (newly made steel) or in electric arc furnaces (recycled steel). This industry also includes operators that manufacture basic steel shapes such as bars, plates, rods, sheets, strips and wire or form pipes and tubes from steel they have produced themselves.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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