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Effects of Globalization on the US Steel Producers - Research Paper Example

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The author concludes that globalization has reduced the barrier between nations and encouraged open economy along with cultural and social integration. The global steel manufacturing companies have adopted the techniques which are already implied by US steel producers in order to gain benefits…
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Effects of Globalization on the US Steel Producers
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Download file to see previous pages The US steel industry also fluctuates with many of the factors active in the global market.
US steel industry is one of the major steel-producing sectors in the international market. It chiefly produces iron-ore and coke for steel manufacturing. Worth mentioning, it achieved a net sales of 16,873 million dollars in the year 2007 which was a steep rise when compared to the net sales amounting 15,715 million dollars in the year 2006. Besides producing steel, it is also involved in other business activities, such as developing transportation via rail and barge operations (United States Steel Corporation, 2007).
Recently it was observed that the US steel industry has been affected by globalization. The US steel producers always want to be more competitive in a global market in order to strengthen themselves and take proper advantage of the opportunities that are prevalent in a global perspective. With this concern, the purposes of this research paper are to study and analyze the impact of globalization on the participants of the US steel industry and recognize how it affects the steel producers.
The integration of globalization with the US economy occurred rapidly which in turn affected the US steel industry quite strongly. Notably, the consequences raised by the integration of the US steel industry with the global market were severe. For instance, the globalization provides the US consumers more choices and lower prices which increases the power of buyers at large. It also increases the employment rate in the global market (Plummer, 2006).
As steel is chiefly produced in the US and in the South Korean industries, there exists a wage restraint between the two economies. ...Download file to see next pagesRead More
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