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Efficient Steel Furnaces Can Help the Steel Industry Make Its Comeback
Steel is considered an “economic indicator” as steel plays an integral role in infrastructure and economic development. The demand for steel worldwide has increased greatly, and as a result, various countries have risen as great steel producers with the United States being the fourth biggest producer, according to the British Geological Survey.
The steel industry, like many other metal industries, has experienced a downturn due to the economy. It reached its peak in 2007, and began declining in 2008, leading to many cutbacks in the steel industry. According to the Wall Street Journal, steel plants have been losing large amounts of money due to their selling steel below the cost of production.
Despite this, there has been growth and recovery. In 2001, steel production was at 851 megatons. In 2012, it was at 1,548 megatons. Asian countries have increased the demand for steel, leading to growth. For 2013 onto 2014, the steel industry is expected to grow with a projected increase of 3.2 percent to 1,500 megatons, according to Yahoo! Finance.
Modern technology is a large component of the steel industry’s success. Several large steel companies have invested large amounts of money into building modern steel mills – one of which was in the United States and the other in South America.
Much like the precious metal industry furnaces, steel furnaces are able to produce large amounts of melted steel while consuming 10 – 20 percent less power. This energy efficiency can help reduce costs and improve profit.
A steel induction furnace will have a constant power supply over a wide range of input power which allows for less power to be input for the same amount of power inside the furnace. Melting rates also stay the same even with less power. For an industry that has faced a downturn in recent years and is just starting to bounce back, energy efficient foundry furnaces, like those that melt steel, are the perfect answer to ensuring that the steel industry continues to succeed and meet expectations.
Foundry furnaces that melt steel also come in various sizes. This allows for maximum work space availability. The different size furnaces can handle different weights of steel, and there are different models to suit any steel company’s needs.
Though the steel industry has experienced a downturn due to the poor economic conditions that exist, many financial groups expect the industry to experience an upturn. This upturn can be enhanced by investing in energy efficient, environmentally friendly steel smelting furnaces. Contact us to get a free quote or assessment, proudly serving Canada, United States, Mexico, Central and South America.
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