Explain industrial system of iron and steel.
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The iron and steel industry is one of the most important industries in India. During 2014 through 2015, India was the third largest producer of raw steel and the largest producer of sponge iron in the world. The industry produced 91.46 million tons of total finished steel and 9.7 million tons of pig iron.
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As we learned the industrial system, this industry comprises of various inputs, processes, and outputs. The input includes raw material such as iron ore, labour, capital, and other infrastructure. Iron ore is then converted into steel by various processes like smelting and refining
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