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The production of steel, in itself, is part of industrial growth. The steel produced helps advance a nation's economy and industrial growth in that steel is a basic product that goes into the production of railroads, buildings, war equipment, domestic products, ship building, and a huge variety of products. The ability to produce these products is industrialization. Without the steel industry, an economies growth is hampered. If the steel has to be imported, then it makes production costs of other products more costly, although not always. This depends on the imported price of steel. In general terms however, a nation with a strong steel making capacity is on its way to economic growth.

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9y ago

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