The steel industry occupies a strategic position in the global economy. Steel is a major, heavily traded commodity whose availability is necessary for worldwide economic development. Yet, with the introduction of new technologies and producers, particularly China, the industry has become volatile. Prices fluctuate, the industry is vulnerable to oversupply, and the cost structure encourages volatile prices.

Big Steel explores how the integrated steel industry is adapting to trade and international competition. The unexpected merger of the world's two largest steelmakers,...