Question

.A new technique of production is introduced in the steel manufacturing unit. How will it affect the supply curve of steel? ​

Answer 1

Answer:

A cool fact to know: ferrous metals are the world’s most reused materials. Steel is straightforward to reprocess because it lends itself to magnetic separation from waste. Scrap steel is re-melted either in an EAF (which relies on scrap 100%) or by way of BOF steel making (using some 25-30% scrap). Regardless of its grade, steel can be recycled to top quality new metal by repetitive iterations. A total of 42% of crude steel production is achieved by recovery from scrap