Steel is an alloy of iron and carbon along with other elements like magnesium, phosphorus, sulphur etc. Steel has high tensile strength and lower cost of production which makes it a key component in construction of building, infrastructure, tools, automobiles, heavy machinery, weapons etc. Iron is the base metal for steel manufacturing. Iron is commonly found in the form of an ore, usually an iron oxide and iron is extracted from its ore by the process of smelting (removal of oxides from the ore). After smelting from its ore, iron contains more carbon than is desirable for the manufacturing of Steel. Therefore, excess of carbon is further removed from the ore for the manufacturing of Steel. The raw Steel product is then cast into ingots or billets which would be stored until use in further refinement processes that resulted in the finished product. 

Steel industry is the heart of the global development. It is considered crucial for the development of economy and is considered the backbone of the human civilization. The importance of steel to the economy can be further verified by the fact that level of per capita consumption of Steel is treated as an important index to measure the level of socio economic development and living standard of the people of a country. All major economies around the world has been largely shaped by the strength of their steel industry in their initial years of development.

Steel is also a key input in the work of many other industrial sectors, which produce items essential to the functioning of the wider economy—including hand tools and complex factory machinery, automobiles, trains, and aircraft; and countless items used by individuals in their everyday lives, from cutlery to cars. Steel is also used in the construction of homes and other buildings, bridges, pylons, and transmitters.