Industry Analysis & Industry Trends
Despite its abundance of natural resources and large quantities of iron ore, Australia has a small steel sector compared with other developed nations. The Iron and Steel Forging industry is characterised by a number of small companies that produce highly customised, low-volume forged products. The industry also includes a few large companies that produce grinding media and wheels and axles for rolling stock.
Forging iron and steel is a method of shaping the metal. Unlike cast iron and steel products, where the metal is heated to its melting point and then poured into a mould, forging involves applying pressure to the metal and bending it into shape. Forging generally produces stronger steel components but is more difficult to perform on larger items... purchase to read more
Industry Report - Industry Analysis Chapter
The Iron and Steel Forging industry in Australia is small compared with other developed regions such as the European Union, the United States and Japan. This is not surprising, given that Australia produced only 4.7 million tonnes of crude steel in 2013, while the European Union produced 166.2 million tonnes and total production in North America was 118.9 million tonnes. Companies operating in the industry tend to produce highly specialised, niche products, with the exception of rail wheels and grinding media (forged metal balls that are used to grind down ore). Domestic demand for such products has declined over the past five years. As a result, revenue is forecast to fall at a compound annual rate of 7.8% over the five years through 2014-15, to reach $625.2 million... purchase to read more