Iron and steel industry of Russia in the XXI century

Abstract

The author states that over the past twenty years, the iron and steel industry of Russia has held its position as one of the key industries of the Russian economy. Technological upgrading of production facilities has minimized the backwardness, however the rapid steel production growth in Asia has resulted in loosing business in the global steel market, while getting more dependent on the market situation. This article deals with the main trends, problems and collisions of the steel industry development in the first two decades of this century. The structure of Russian steel export is reviewed. This work is based on statistical and comparative analysis, ratings and forecasts, as well as theoretical postulates of Douglas North about the close relationship of market economy processes with political and social institutions of the country. The purpose of the article is to show that the industry is facing impending stagnation under the economic sanctions, export dependency of the Russian steel industry and worldwide steel overproduction. The following may be taken as the scientific results of the study: systematization, generalization and author's assessment of processes in the Russian steel industry and its development prospects, against the background of global trends in the industry. © Published under licence by IOP Publishing Ltd.