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The US has one of the largest steel industries in the world and its consumption of the metal is the highest in the world too. At the very core of the steel industry is its energy component. According to the American Iron and Steel Institute (2005) energy represented 20% of the total cost of producing steel.
Steel Sector: Quick Facts
Backed by surging growth, the demand for energy in the steel sector shows no signs of abating
- The U.S. steel industry contributes $350 billion to the economy
- The industry employs over 2 million people nationwide
- The steel industry accounts for 2-3% of the total U.S. energy consumption
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