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As the only major steel maker not harmed during World War II, the United States iron and steel industry reached its maximum world importance during and just after World War II. In 1945, the US produced 67% of the world's pig iron, and 72% of the steel. By comparison, 2014 percentages were 2.4% of the pig iron, and 5.3% of the steel production.
Technology. Steel is an alloy composed of between 0.2 and 2.0 percent carbon, with the balance being iron. From prehistory through the creation of the blast furnace, iron was produced from iron ore as wrought iron, 99.82–100 percent Fe, and the process of making steel involved adding carbon to iron, usually in a serendipitous manner, in the forge, or via the cementation process.
The biggest steel producing country is currently China, which accounted for 54% of world steel production in 2022. [1] In 2020, despite the COVID-19 pandemic, China became the first country to produce over one billion tons of steel. [2] In 2008, 2009, 2015 and 2016 output fell in the majority of steel-producing countries as a result of the ...
In economics, a cost curve is a graph of the costs of production as a function of total quantity produced. In a free market economy, productively efficient firms optimize their production process by minimizing cost consistent with each possible level of production, and the result is a cost curve. Profit-maximizing firms use cost curves to ...
Cold-formed steel, especially in the form of thin gauge sheets, is commonly used in the construction industry for structural or non-structural items such as columns, beams, joists, studs, floor decking, built-up sections and other components. Such uses have become more and more popular in the US since their standardization in 1946.
The slope of the production–possibility frontier (PPF) at any given point is called the marginal rate of transformation ( MRT ). The slope defines the rate at which production of one good can be redirected (by reallocation of productive resources) into production of the other. It is also called the (marginal) "opportunity cost" of a commodity ...
Minimum efficient scale. In industrial organization, the minimum efficient scale ( MES) or efficient scale of production is the lowest point where the plant (or firm) can produce such that its long run average costs are minimized with production remaining effective. [1] It is also the point at which the firm can achieve necessary economies of ...
Carbon steel. Carbon steel is a steel with carbon content from about 0.05 up to 2.1 percent by weight. The definition of carbon steel from the American Iron and Steel Institute (AISI) states: or the specified maximum for any of the following elements does not exceed the percentages noted: manganese 1.65%; silicon 0.60%; copper 0.60%.