Abstract

The economics of iron and all of its derivative materials is dominated by the fact that iron is the most widespread and ubiquitous metallic element found in the earth's crust. Iron ore deposits are present and mined on all the inhabited continents. From these ores, iron has been extracted for centuries, through the Iron Age and eventually the Industrial Revolution. The economics of iron production from ore is therefore the starting point, but then the preparation of steel from the base iron incurs further costs. And after centuries of iron products entering the world economies, iron in the metallic form, as iron and steel scrap, is now recycled in significant quantities, having a significant effect on the overall economics of steel. Therefore, in this article, the economics of iron and steel scrap will also be considered.