Iron - Industrial Production

Industrial Production

See also: Iron ore

The production of iron or steel is a process containing two main stages, unless the desired product is cast iron. The first stage is to produce pig iron in a blast furnace. Alternatively, it may be directly reduced. The second is to make wrought iron or steel from pig iron by a further process.

For a few limited purposes like electromagnet cores, pure iron is produced by electrolysis of a ferrous sulfate solution

Read more about this topic:  Iron

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Industrial Production

Industrial production is a measure of output of the industrial sector of the economy. The industrial sector includes manufacturing, mining, and utilities. Although these sectors contribute only a small portion of GDP (Gross Domestic Product), they are highly sensitive to interest rates and consumer demand. This makes Industrial Production an important tool for forecasting future GDP and economic performance. Industrial Production figures are also used by central banks to measure inflation, as high levels of industrial production can lead to uncontrolled levels of consumption and rapid inflation.

Famous quotes containing the words production and/or industrial:

    The society based on production is only productive, not creative.
    Albert Camus (1913–1960)

    Literary works cannot be taken over like factories, or literary forms of expression like industrial methods. Realist writing, of which history offers many widely varying examples, is likewise conditioned by the question of how, when and for what class it is made use of.
    Bertolt Brecht (1898–1956)