Abstract

ments whose market destination is finished steel, and exported three to equipment is gradually retired. But undetermined-mainly those to ware­ four times as much. Since then, how­ much of the European industry has houses and distributors. Still to be ever, two major factors have inter­ had to be completely rebuilt. Con­ discussed, however, are two factors vened to even up the balance be­ sequently, a much greater proportion which have had an unusual, though tween steel exports and imports. of its equipment than ours is of not decisive, impact on the steel in­ recent vintage. The aver­ One has been the amazingly rapid relatively dustry's sales in the past two years. growth of the West European econ­ age productivity of European equip­ These are inventory movements and omy. While this growth has created ment is therefore higher, giving that foreign trade. region a trade advantage in steel. a greater demand for steel products, According to estimates made [or it has also been accompanied by a Because the demand for steel is Fortune by Alan Greenspan, a well­ substantial expansion of steel-pro­ tied to the growth of the economy, it would take a dire pessimist indeed to known economic consultant