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Steel crisis: Wikis


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The steel crisis was a recession in the global steel market during the 1970s recession, following the end of the post-World War II economic boom and the 1973 oil crisis.

Steel production had increased exponentially since the industrial revolution, and demand had been especially high during the world wars. Steel prices significantly dropped as the market became saturated with steel, 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.


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