Steel and the global economic crisis

Swanton, Dan and MacKillop, Fionn and Hudson, Ray (2009) Steel and the global economic crisis. Eurasia Critic. pp. 67-74.

Abstract

The past year has been extraordinarily turbulent for the global steel industry. Indeed, the first six months of 2008 saw the continuation of a protracted period of growth in the global production of steel, sustained largely by high levels of demand in China and India (and masking falling demand in Western Europe and the US) and reflected in unparalleled increases in the global prices of iron ore and coking coal. However, in recent months the combined impact of the credit crunch and difficulties in securing lines of credit, the economic downturn, and the collapse of consumer confidence have meant that the fortunes of the steel industry have taken a dramatic turn for the worse, with global demand for steel falling rapidly, steel prices collapsing, and steel companies slashing production (for example ArcelorMittal, the world's largest steel company has cut steel production from between 30 and 50% for its various products in the 4th quarter of 2008).


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Item Type: Article (Commonwealth Reporting Category C)
Refereed: No
Item Status: Live Archive
Additional Information: c. Eurasia Critic News Agency Ltd.
Depositing User: Dr Fionn MacKillop
Faculty / Department / School: Current - USQ Other
Date Deposited: 30 Oct 2011 04:54
Last Modified: 03 Aug 2014 02:32
Uncontrolled Keywords: steel; global financial crisis; restructuring; China
Fields of Research (FOR2008): 15 Commerce, Management, Tourism and Services > 1503 Business and Management > 150308 International Business
14 Economics > 1402 Applied Economics > 140209 Industry Economics and Industrial Organisation
15 Commerce, Management, Tourism and Services > 1503 Business and Management > 150312 Organisational Planning and Management
Socio-Economic Objective (SEO2008): B Economic Development > 86 Manufacturing > 8611 Basic Metal Products (incl. Smelting, Rolling, Drawing and Extruding) > 861103 Basic Iron and Steel Products
B Economic Development > 91 Economic Framework > 9101 Macroeconomics > 910107 Macro Labour Market Issues
URI: http://eprints.usq.edu.au/id/eprint/19106

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