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The Economics of Steel Nothing Has Changed in a Century except for Globalization 200 Million Tons The world steel industry is now truly global and has an overcapacity of 200 mm tonnes or 25% of demand. Where is this overcapacity relative to regional demand? It is in the former Soviet Union, and In the Developing World World Production and Consumption of Steel, 2000 Region Crude Steel Finished Steel Finished Steel Exports Production Production Consumption (Imports) World Trade in Steel We won the war and lost the battle World trade in steel mill products took a