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For over a century, the US steel industry has led the global market with advances in technology, product development, and marketing. Industry leaders recognize both the opportunities and challenges they face as they head into the 21st century, and that cooperative R and D is key to their success. In a unique partnership, steel industry leaders have teamed with the US Department of Energy's Office of Industrial Technologies (OIT) to focus on innovative technologies that will help to strengthen the competitive position of the US steel industry and, at the same time, further important national goals. This industry-led partnership, the Steel Industry of the Future, promotes technologies that optimize the use of energy and materials in operation and reduce wastes and energy-related emissions. Led by the American Iron and Steel Institute (AISI) and the Steel Manufacturers Association (SMA), industry leaders began by developing a unified vision for the next 20 years: to provide high-quality, value-added products to a wide array of customers in an environmentally friendly, cost-effective manner, while leading the world in innovation and technology. Continued global leadership in materials markets will require the combined resources of industry, universities, and government laboratories. The steel industry vision provided a framework for the next step in the Industries of the Future process, the development of a technology roadmap designed to facilitate collaborative R and D on advanced processes and technologies for the steel industry.
This volume examines the influences of technology and international trade policies on the troubled U.S. steel industry. Does leadership in technology guarantee competitive advantage in industrial markets? Or do the costs of production and the lack of investment capital offset technological gains for the domestic steel industry? Which international trade policies can help this industry, and which may be harming it? With these and other questions in view, The Competitive Status of the U.S. Steel Industry estimates global trends in steel trade, discusses patterns of production and consumption, and analyzes the possible effects of alternative governmental policies on this critically important industry.
I study the effects of price transparency by leveraging the introduction of steel futures markets in a difference-in-differences setting. In line with recent theory, producer profit margins, customer material costs, and input cost dispersion within customer industries decrease. Further, the market share of low-cost producers increases. Overall, price transparency appears to foster competition and improve resource allocation, and represents an important real effect of financial markets.