It is common today to talk about "the iron and steel industry" as if it were a single entity, but historically they were separate products. The steel industry is often considered to be an indicator of economic progress, because of the critical role played by steel in infrastructural and overall economic development.[41]
The economic boom in China and India has caused a massive increase in the demand for steel in recent years. Between 2000 and 2005, world steel demand increased by 6%. Since 2000, several Indian [42] and Chinese steel firms have risen to prominence like Tata Steel (which bought Corus Group in 2007), Shanghai Baosteel Group Corporation and Shagang Group. ArcelorMittal is however the world's largest steel producer.
The British Geological Survey reports that in 2005, China was the top producer of steel with about one-third world share followed by Japan, Russia, and the USA.[43]
In 2008, steel started to be traded as a commodity in the London Metal Exchange. At the end of 2008, the steel industry faced a sharp downturn that led to many cut-backs.[44]
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