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Steel Crisis
The steel crisis was a recession in the global steel market during the 1973–75 recession and early 1980s recession following the post–World War II economic expansion and the 1973 oil crisis, further compounded by the 1979 oil crisis, and lasted well into the 1980s. Steel prices dropped significantly as the market became saturated with steel from previous demand, and many steel mills in the Western world were driven out of business. Some areas affected by the steel crisis were the Rust belt in North America, the English Midlands in the United Kingdom, the Ruhr area in West Germany and Bergslagen in Sweden. United States lang=en, upright=1.4, Steel production by countries. United States steel production faced an irreversible decline in the 1970s. lang=en, upright=1.4, Steel production and GDP. In most countries, steel production declines after reaching a certain level of GDP, suggesting that growth continues according to other factors. Steel production in the United ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Recession
In economics, a recession is a business cycle contraction when there is a general decline in economic activity. Recessions generally occur when there is a widespread drop in spending (an adverse demand shock). This may be triggered by various events, such as a financial crisis, an external trade shock, an adverse supply shock, the bursting of an economic bubble, or a large-scale Anthropogenic hazard, anthropogenic or natural disaster (e.g. a pandemic). In the United States, a recession is defined as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." The European Union has adopted a similar definition. In the United Kingdom, a recession is defined as negative economic growth for two consecutive quarters. Governments usually respond to recessions by adopting expansionary macroeconomic policies, such as monetary policy, incr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Just-in-time Manufacturing
Lean manufacturing is a production method aimed primarily at reducing times within the production system as well as response times from suppliers and to customers. It is closely related to another concept called just-in-time manufacturing (JIT manufacturing in short). Just-in-time manufacturing tries to match production to demand by only supplying goods which have been ordered and focuses on efficiency, productivity (with a commitment to continuous improvement) and reduction of "wastes" for the producer and supplier of goods. Lean manufacturing adopts the just-in-time approach and additionally focuses on reducing cycle, flow and throughput times by further eliminating activities which do not add any value for the customer. Lean manufacturing also involves people who work outside of the manufacturing process, such as in marketing and customer service. Lean manufacturing is particularly related to the operational model implemented in the post-war 1950s and 1960s by the Japan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Steel
Steel is an alloy made up of iron with added carbon to improve its strength and fracture resistance compared to other forms of iron. Many other elements may be present or added. Stainless steels that are corrosion- and oxidation-resistant typically need an additional 11% chromium. Because of its high tensile strength and low cost, steel is used in buildings, infrastructure, tools, ships, trains, cars, machines, electrical appliances, weapons, and rockets. Iron is the base metal of steel. Depending on the temperature, it can take two crystalline forms (allotropic forms): body-centred cubic and face-centred cubic. The interaction of the allotropes of iron with the alloying elements, primarily carbon, gives steel and cast iron their range of unique properties. In pure iron, the crystal structure has relatively little resistance to the iron atoms slipping past one another, and so pure iron is quite ductile, or soft and easily formed. In steel, small amounts of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
British Steel Corporation
British may refer to: Peoples, culture, and language * British people, nationals or natives of the United Kingdom, British Overseas Territories, and Crown Dependencies. ** Britishness, the British identity and common culture * British English, the English language as spoken and written in the United Kingdom or, more broadly, throughout the British Isles * Celtic Britons, an ancient ethno-linguistic group * Brittonic languages, a branch of the Insular Celtic language family (formerly called British) ** Common Brittonic, an ancient language Other uses *''Brit(ish)'', a 2018 memoir by Afua Hirsch *People or things associated with: ** Great Britain, an island ** United Kingdom, a sovereign state ** Kingdom of Great Britain (1707–1800) ** United Kingdom of Great Britain and Ireland (1801–1922) See also * Terminology of the British Isles * Alternative names for the British * English (other) * Britannic (other) * British Isles * Brit (other) * Bri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labour Party (UK)
The Labour Party is a political party in the United Kingdom that has been described as an alliance of social democrats, democratic socialists and trade unionists. The Labour Party sits on the centre-left of the political spectrum. In all general elections since 1922, Labour has been either the governing party or the Official Opposition. There have been six Labour prime ministers and thirteen Labour ministries. The party holds the annual Labour Party Conference, at which party policy is formulated. The party was founded in 1900, having grown out of the trade union movement and socialist parties of the 19th century. It overtook the Liberal Party to become the main opposition to the Conservative Party in the early 1920s, forming two minority governments under Ramsay MacDonald in the 1920s and early 1930s. Labour served in the wartime coalition of 1940–1945, after which Clement Attlee's Labour government established the National Health Service and expanded the we ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nationalization
Nationalization (nationalisation in British English) is the process of transforming privately-owned assets into public assets by bringing them under the public ownership of a national government or state. Nationalization usually refers to private assets or to assets owned by lower levels of government (such as municipalities) being transferred to the state. Nationalization contrasts with privatization and with demutualization. When previously nationalized assets are privatized and subsequently returned to public ownership at a later stage, they are said to have undergone renationalization. Industries often subject to nationalization include the commanding heights of the economy – telecommunications, electric power, fossil fuels, railways, airlines, iron ore, media, postal services, banks, and water – though, in many jurisdictions, many such entities have no history of private ownership. Nationalization may occur with or without financial compensation to the former ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Toledo, Ohio
Toledo ( ) is a city in and the county seat of Lucas County, Ohio, United States. A major Midwestern United States port city, Toledo is the fourth-most populous city in the state of Ohio, after Columbus, Ohio, Columbus, Cleveland, and Cincinnati, and according to the 2020 United States Census, 2020 census, the 79th-largest city in the United States. With a population of 270,871, it is the principal city of the Toledo metropolitan area. It also serves as a major trade center for the North Central United States, Midwest; its port is the fifth-busiest in the Great Lakes and 54th-biggest in the United States. The city was founded in 1833 on the west bank of the Maumee River, and originally incorporated as part of Monroe County, Michigan, Monroe County, Michigan Territory. It was refounded in 1837, after the conclusion of the Toledo War, when it was incorporated in Ohio. After the 1845 completion of the Miami and Erie Canal, Toledo grew quickly; it also benefited from its position o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cleveland
Cleveland ( ), officially the City of Cleveland, is a city in the United States, U.S. U.S. state, state of Ohio and the county seat of Cuyahoga County, Ohio, Cuyahoga County. Located in the northeastern part of the state, it is situated along the southern shore of Lake Erie, across the U.S. Canada–United States border, maritime border with Canada, northeast of Cincinnati, northeast of Columbus, Ohio, Columbus, and approximately west of Pennsylvania. The largest city on Lake Erie and one of the major cities of the Great Lakes region, Cleveland ranks as the List of United States cities by population, 54th-largest city in the U.S. with a 2020 population of 372,624. The city anchors both the Greater Cleveland, Greater Cleveland metropolitan statistical area (MSA) and the larger Northeast Ohio, Cleveland–Akron–Canton combined statistical area (CSA). The CSA is the most populous in Ohio and the 17th largest in the country, with a population of 3.63 million in 2020, while th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
East Chicago, Indiana
East Chicago is a city in Lake County, Indiana, United States. The population was 29,698 at the 2010 census. The city is home of the Indiana Harbor and Ship Canal, an artificial freshwater harbor characterized by industrial and manufacturing activity. Situated along Lake Michigan Lake Michigan is one of the five Great Lakes of North America. It is the second-largest of the Great Lakes by volume () and the third-largest by surface area (), after Lake Superior and Lake Huron. To the east, its basin is conjoined with that o ..., East Chicago is about 18 miles from Chicago, downtown Chicago, Illinois and is just west of Gary, Indiana. History The land that became East Chicago was originally swampland unsuitable for farming. The state of Indiana began selling off plots of land to railroads and speculators after 1851 to fund the local school system. Settlement of the area was very slow at first, and as late as the 1890s, the city had no proper streets or public utilities. East C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gary, Indiana
Gary is a city in Lake County, Indiana, United States. The city has been historically dominated by major industrial activity and is home to U.S. Steel's Gary Works, the largest steel mill complex in North America. Gary is located along the southern shore of Lake Michigan about east of downtown Chicago, Illinois. The city is adjacent to the Indiana Dunes National Park, and is within the Chicago metropolitan area. Gary was named after lawyer Elbert Henry Gary, who was the founding chairman of the United States Steel Corporation. U.S. Steel had established the city as a company town to serve its steel mills. Although initially a very diverse city, after white flight in the 1970s, the city of Gary held the nation's highest percentage of African Americans for several decades. As of the 2020 census the city's population was 70,093, making it Indiana's ninth-largest city. Like other Rust Belt cities, Gary's once thriving steel industry has been significantly affected ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of Youngstown, Ohio
The economy of Youngstown, Ohio, flourished in the 19th and early 20th centuries, with steel production reaching all-time highs at that time. The steel boom led to an influx of immigrants to the area looking for work, as well as construction of skyscrapers in the area. The city's population peaked at 170,002 in 1930, just at the onset of the Great Depression. World War II also brought a great demand for steel. After World War II, demand for steel dropped off dramatically, and industrial base of Youngstown began to see a decline. Youngstown's economy has been impacted by a loss of the steel industry jobs which started on September 19, 1977, on what became known to locals as "Black Monday", and continued into the mid-1980s. While the loss of steel industry jobs in the region coincided with the general deindustrialization of Rust Belt cities such as Youngstown as well as the United States as a whole, Youngstown's economic struggles have been well documented. In the Mahoning Valley r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Youngstown Sheet And Tube
The Youngstown Sheet and Tube Company, based in Youngstown, Ohio, was an American steel manufacturer. Officially, the company was created on November 23, 1900, when Articles of Incorporation of the Youngstown Iron Sheet and Tube Company were filed with the Ohio Secretary of State at Columbus. In 1905 the word "Iron" was dropped from the company name to reflect the company's shift in focus from producing wrought iron products to basic steel products. It acquired the Mark Manufacturing Company in 1923. Youngstown Sheet and Tube remained in business until 1977. A Youngstown resident acquired the name, trademark, and logo in 2014 and opened a small business promoting the economic redevelopment of Youngstown. History In 1888, Youngstown industrialists George D. Wick and James A. Campbell organized the Mahoning Valley Iron Company, with Wick as president. Charles Dayton Arms, Wicks brother in law and also an iron entrepreneur, was brought in as president. Five years later, the two me ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
