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A Profile of the Steel Industry by Peter Warrian

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Chapter 5

Industry Organization and Competition

Industrial organization is the field of economics that builds on the theory of the firm in examining the structure and boundaries between firms and markets. In this chapter, we apply this lens to the steel industry and issues such as transaction costs, price competition, and barriers to entry. Three examples are used to illustrate the qualitative changes that have come to traditional steel producers: the EAF challenge, the Japanese Steel Revolution, and the impact of lean production on distribution and fabrication. In each case, the economics of the steel business has changed, primarily driven by industrial organization and social factors.

As outlined previously, classic Big Steel was built on ...

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