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Key raw materials in steelmaking
Iron ore, steel scrap, and coal are three main raw materials for steelmaking. Steelmaking is a raw material–intensive business, and it may not always be possible for steel companies to pass on the increasing raw material costs to buyers. It’s important for investors in steel companies like Arcelor Mittal ADR (MT), United States Steel Corporation (X), Nucor Corporation (NUE), Reliance Steel & Aluminum (RS), and ETFs like the SPDR S&P metals and mining index (XME) to monitor their movements
While there are multiple processes for steelmaking, we’ll analyze a very basic overview of the process.
The process simplified
There are two processes for producing steel:
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