Globalization and The US Steel Industry Free Essay Example, 1500 words

The globalization provides the US consumers more choices and lower prices which increases the power of buyers at large. It also increases the employment rate in the global market (Plummer, 2006). As steel is chiefly produced in the US and in the South Korean industries, there exists there restraint between the two economies. This illustrates the fact, that if the wages of the US steel industry is too high, then it will not be able to compete with South Korean steel suppliers and other economies as well. This would most probably lead the US steel producers to decline along with an increased constraint of unemployment. According to Plummer, hardly any other economy could compete with the US technology three decades ago. But presently several countries have advanced in technology as a result of globalization. This reveals the fact that the US economy requires to concentrate more on its competitive edge when compared with the international market. On the similar context, the imports and exports are also affected because of globalization which in turn influences the US-based steel industry largely (Plummer, a study on The US Steel Market reveals that steel industry of the US has a record of profit gained from the exportation of steel in the global market. We will write a custom essay sample on Globalization and The US Steel Industry or any topic specifically for you Only $17.96 $11.86/page The US is unique with regards to producing steel than developing countries. The US steel industry is termed to be extremely competitive and strong. It has been witnessed that at times the US. Steel charges greater prices for steel products than their global competitors but still, it maintains its competitiveness in the global market.