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The analysis is a key determinant factor for establishing the prospects of the steel industry being at par with the changing times. It puts emphasis on how reformation can be made to increase the industry's profit turnover.
These rapid manifold action might be alarming for fellow competitors, but overall it keeps the interest of this industry alive. With the involvement of such major forces as Russia and China, the steel industry gained a position as one of the pioneers in driving the nation's economy.
This entire industry runs on the demand for manufactured steel and its related components. The arrival of more advanced options sees no need for prolonging the elaborate manufacturing of steel. Thus, it can be concluded that in the last five years, the threat from substitutes has pertained to an overall negative impact (An et al., 2018).
For example, with the increasing price of fuels and its subsidiary concerns, the automobile industries have shifted to mostly electric cars. These cars are comparatively light-weighted and do not necessarily require heavy support from steel equipment. Thus, in the five years, alternative sources of buyer power have negatively affected the revenue of the steel industry.
The expansion of these major suppliers has been twice in the last five years. It can be determined that with such multiplied expansion, there is no shortage of raw materials. Thus, the expansion of supplier power has had a positive impact on the productivity of the steel industry.
The establishment of several steel plants might have crowded the market share in a particular region. But, for the greater picture, the industry acquired higher profit margins. Thus, the emergence of new players has a positive influence on the productivity of the steel industry.
After acquiring the ownership, the company focused on developing advanced programs such as knowledge integration for greater assessment of the acquired collaboration. The company has also been able to determine the effective causes of implementation of different corporate cultures on the desired productivity.
The prominent driving force behind Mittal's acquisition strategies involves the significant need for a reformation. The decline in the demand for steel products has questioned the steady cash flow required by such steel industries. Thus, Mittal had to acquire a secondary source of steady cash flow to utilise it in the capital for steel production (Goyal et al., 2018).
This lucrative merger company at one time became the fifth-largest revenue-yielding industry in the world. The acquisition, through to price, gave an opportunity for further research and innovation for the host company. The revenue yielded also gave the financial backup required for expansion, keeping the global market map at vision (Schwabe, 2020).
The company has always aimed to increase not only its brand equity but also its physical expansion. The series of acquisition agendas are proof of their primary goal. The name that the company has made is enough to provide varied financial support to fund its diversified ventures.
Nucor has upscaled its margin by focusing on diligently scaling up in the value chain position. The company believes in depending on the production of high-margin products to equate the profit turnover. Thus, the acquisition strategies of Nucor are discussed in detail.
The utilisation of the everlasting demand can be met for future needs. The quality of steel and its ability to tarnish can be controlled by introducing secondary coating or introducing new and better quality ore as the raw material. Thus, the scope of increased demands and the necessary reformation for its feasibility are discussed in this section.
The facilities that this nation derives from such export is the heavy-duty export charges and making up of aimed profit margins despite the domestic lagging. Thus, such nations can continue these strategies in the future by expanding foreign relationships.
The country has to look after the sustainability of these situations by looking to expand trading rights with promising countries. The companies, on the other hand, have to take into account the particular region in which steel and its materials have a promising market. It can then influence the government to make favourable decisions for utilising surplus steel with utmost profit.
These factors are important for having a solid base for further expansion. The demand for steel in a particular region depends on the quality of production. Thus, the crucial influence of government is analysed in this particular section.
The major companies can serve the maximum agenda by employing experienced people to predict the patterns of demand in the future. They can implement a single strategy that might be multipurpose, serving present and future interests. Thus, the liabilities of the companies in making the steel industry attractive for the future are highlighted.
Thus, it can be concluded that in this presentation, all the aspects involved in the long-term goal of the steel industry are studied. It takes into consideration the possible changes that might occur in this sector. It prepares systematic solutions to counterbalance each one of them.
arcelormittal, (2022). About | ArcelorMittal. [online] Corporate.arcelormittal.com. Available at: <https://corporate.arcelormittal.com/about> [Accessed 10 June 2022].
Services, H., (2022). Tata Steel | Company Profile & Details. [online] Tatasteel.com. Available at: <https://www.tatasteel.com/corporate/our-organisation/company-profile/#:~:text=Tata%20Steel%20was%20established%20in,the%20leading%20global%20steel%20companies.> [Accessed 10 June 2022].
nucor, (2022). Nucor Corporation - Who We Are. [online] Nucor.com. Available at: <https://www.nucor.com/who-we-are/> [Accessed 10 June 2022].
Mele, M. and Magazzino, C., (2020). A machine learning analysis of the relationship among iron and steel industries, air pollution, and economic growth in China. Journal of Cleaner Production, 277, p.123293.
An, R., Yu, B., Li, R. and Wei, Y.M., (2018). Potential of energy savings and CO2 emission reduction in China’s iron and steel industry. Applied energy, 226, pp.862-880.
Das, P., Mondal, G.C., Singh, S., Singh, A.K., Prasad, B. and Singh, K.K., (2018). Effluent Treatment Technologies in the Iron and Steel Industry?A State of the Art Review: Das et al. Water Environment Research, 90(5), pp.395-408.
Vögele, S., Grajewski, M., Govorukha, K. and Rübbelke, D., (2020). Challenges for the European steel industry: Analysis, possible consequences and impacts on sustainable development. Applied energy, 264, p.114633.
Goyal, S., Routroy, S. and Shah, H., (2018). Measuring the environmental sustainability of supply chain for Indian steel industry: A graph theoretic approach. Business Process Management Journal.
Schwabe, J., (2020). Risk and counter-strategies: The impact of electric mobility on German automotive suppliers. Geoforum, 110, pp.157-167.
Giri, B.C. and Dey, S.K., (2019). Game theoretic analysis of a closed-loop supply chain with backup supplier under dual channel recycling. Computers & Industrial Engineering, 129, pp.179-191.
Gielen, D., Saygin, D., Taibi, E. and Birat, J.P., (2020). Renewables?based decarbonization and relocation of iron and steel making: a case study. Journal of Industrial Ecology, 24(5), pp.1113-1125.
Pattanaik, M.L., Choudhary, R., Kumar, B. and Kumar, A., (2021). Mechanical properties of open graded friction course mixtures with different contents of electric arc furnace steel slag as an alternative aggregate from steel industries. Road Materials and Pavement Design, 22(2), pp.268-292.
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