The modern steel industry began in the late 1850s, but since then steel has been basic to the world's industrial economy. This article is intended only to address the business, economic and social dimensions of the industry, since the bulk production of steel began as a result of Henry Bessemer's development of the Bessemer converter in 1857. Previously steel was very expensive to produce and only used in small expensive items such as knives, swords and armour.
