Today, steel is one of the most common materials in the world and is a major component in buildings, infrastructure, tools, ships, automobiles, machines, and appliances. Modern steel is generally identified by various grades of steel defined by various standards organizations.

In 2008, steel started to be traded as a commodity on the London Metal Exchange. At the end of 2008, the steel industry faced a sharp downturn that led to many cut-backs.

Because of the critical role played by steel in infrastructural and overall economic development, the steel industry is often considered to be an indicator of economic progress.

Steel production involves several processing stages including iron making, primary and secondary steelmaking, casting and hot rolling. These are followed by some of the following fabrication processes: cold rolling, forming, forging, joining, machining, coating and/or heat treatment.

Steels can be made either from raw materials (e.g. iron ore, coal and limestone) or by recycling steel scrap.

In response to the requirements of society, steel processing is subject to significant innovation in order to reduce costs, improve quality and to minimise its environmental impacts. These complex processes produce a wide variety of steel compositions, in many different shapes and sizes, each tailored closely to the requirements of the use of the steel.

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