The past 10-20 years have seen unprecedented changes in the international steel industry, all of which have combined to make the industry increasingly competitive. Steel prices are on an ever-downward trend in real terms as the benefits of increased efficiency are passed on to steel consumers.

The existence of surplus production capacity worldwide, at the same time that new, cost competitive capacity is coming on stream, will continue to put pressure on producers to improve performance, both in terms of reducing costs and in being more responsive to the needs of the customer.