An Economic History of the American Steel Industry by Robert P. Rogers

By Robert P. Rogers

This ebook offers a simple define of the heritage of the yank metal undefined, a zone of the economic system that has been a big a part of the commercial process. The booklet begins with the 1830's, while the yankee iron and metal resembled the conventional iron generating quarter that had existed within the outdated international for hundreds of years, and it leads to 2001. The fabricated from this undefined, metal, is an alloy of iron and carbon that has develop into the main used steel on the planet. The very dimension of the metal and its place within the smooth financial system supply it an strange relevance to the industrial, social, and political system.

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Extra info for An Economic History of the American Steel Industry

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Railroad mileage Year Mileage 1860 1880 1900 30,626 93,267 258,784 Source: Hogan, 1971, pp. 112, 114, 305, and Temin 1964, p. 275. chief product of Bessemer steel, rails led to the early and fairly rapid adoption of the Bessemer process. The other parts of the railroad system using steel were the locomotives and cars. The production of locomotives rose from 300 in 1838 to 1,962 in 1880, and to 3,153 in 1900. At first, these machines were made mainly of iron but later mainly of steel. The amount of steel used in freight cars increased; it was not as much steel replacing iron as steel replacing wood.

Steel), but smaller competitors such as Bethlehem, Republic, and Armco also grew significantly. To examine these issues, we follow our standard taxonomy by first analyzing changes in the product and its production and the steel customers. Next, the activities of the competing steel companies are scrutinized. After that, we examine substitutes and the steel input markets (iron ore, coal, and labor). Finally, government actions toward steel are analyzed, and a conclusion follows. Growth and the production process In this section, innovations in the production process are described.

However, transportation costs and specialized demands counteracted somewhat the effect of scale economies. In this situation, firms with seemingly safe geographic and product niches often became vulnerable to competition. Consequently, the number of firms fell off. Nevertheless, some high-cost firms stayed in the industry or returned to the market when price went back up. This occurred because of the very high fixed cost structure of these firms. If fixed costs were high, variable costs were a small part of the total.

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