In a world that seems to finally based on technology, it may come as a surprise that there are steel many parts of industries that are still based in the basics of steel and the precision casting business. In fact, there are many industries that depend on the steel industry and the needed indiction melting services. From replacement parts for important machines to large steel rails used for railroad cars, there are many times when steel plays an important role.
Induction melting furnaces and induction forging furnaces produce the parts that are needed for many industries, including aeronautics, automotive, heating and cooling, and many other industries. Companies that offer induction melting and other foundry services play an important role in many different industries.
Consider some of these facts and figures about the steel industry and the impact that it has on the nation’s economy:
- In 2017, the U.S. imported up to $27 billion worth of steel, making America the world’s number one importer of steel.
- 13% of the world’s steel is used in the automotive industry.
- 50% of the world’s steel is used for buildings and infrastructure.
- 17% of imported steel into the U.S. comes from the country of Canada.
- World crude steel production in 2017 reached a total of 1.69 billion tons. This number represented a 3.9% increase from the year 2016.
- 16% of the world’s steel is used for mechanical equipment, come of which includes manufacturing or robotics.
- 88% of Canada’s steel exports went to the U.S. in the year 2016, according to Oxford Economics.
Even though much of the world that we live in relies on technology, it is important to remember that the steel industry is also important. Finding the right steel foundry can help your company keep all of its machines working properly. From the earliest of time, steel has played an important role in the development of countries of all sizes. Today, as well, steel plays an essential role in the continued development of the U.S. and other countries around the world. As the nation waits to see what the newest government decisions about exports will be, there are countries around the world that are anxious to know how this will effect the steel industry.
