The Role of Iron and Steel in Economic Development of a Nation

The importance of iron and steel to any nation’s economy cannot be overstressed. This paper X-rays the importance of iron and steel to the development of any nation’s economy with reference to China, South Africa and Nigeria. It discusses that iron and steel companies are needed to provide high-quality and efficient services. Benefits that can be derived from iron and steel which includes; revenue generation for the sustenance of nation’s economy, employment generation, industrialization are discussed. Government policy, lack of commitment on the part of policy makers of this country among others have been outlined as barriers that militate against the development of iron and steel in the country. Commitment, implementation of every policy formulated for the industry and partnership with experienced private sector was identified as among the solution to move the sector forward. Keywords: Industry, Iron and Steel, Economic, Production, Consumption, Policy