Industrial Policy in the Development of the Iron and Steel Industry in Several Countries

Year 2023, Volume: 3 Issue: 1, 4 - 11, 28.07.2023

Hasan Yazar Muammer Mustafa Erdoğdu

Abstract

Iron and steel making is one of the most important industrial sectors for economic development since they have high forward and backward linkages. Iron and steel production provides inputs and creates jobs in many other industries. Particularly, steel plays a prominent role in our daily lives. Experiences of many countries reveal that to achieve the best results for economic development industrial policy plays a key role. Because it is the main driver for the economic development and can be used to prioritize the use of a country’s limited resources to facilitate industrial upgrading. Therefore, we will follow the traces of industrial policies in several countries in this paper.

Keywords

Industrial policy, economic development, steel industry, forward and backward linkages

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