Steel

Abstract

The iron and steel industry is a mature industry, highly prized by newly industrializing countries as a ‘basic’ industry which provides a crucial input into practically all forms of industrial development. The technology is highly capital-intensive and, some minor exceptions apart, is also increasingly scale-intensive. Except for very high quality, specialized steels, the process technology is well diffused, and can be imported readily on an arm’s-length basis in the form of engineering services and equipment. The technology of iron-steel manufacture, and the major improvements in it, are highly embodied in the capital equipment; however, the nature of the process necessitates complex engineering, and consulting firms are a critical element of technology transfer and implementation.