Usually, you find these minerals mixed into rocks containing silica
One tonne of pig iron requires 2 tonnes of ore, one tonne of coke and half a tonne of limestone.
Pig iron can be used for the following purposes:
- Wrought iron is created by melting and mixing the pig iron with slag. Wrought iron is the stuff a blacksmith works with to create tools, horseshoes and so on.
- Manufacturing of steel.
he industry went through one of its most difficult phases between 1997 and 2001, as it faced severe recession in the global economy leading to imbalance between capacity, demand and production. Breakup of USSR had turned the net exporters into net exporters and the world market had an excess capacity of 50 MT. Consequently, steel started getting traded at lower and lower prices. In addition, Asian economic crisis in 1997-98 had a further aggravated the imbalances in steel demand and supply. As a result, prices of steel during this period touched a 20-year low and many companies were forced to shutdown
To control the situation, advanced countries have called for a global agreement in 2001, organised by the OECD, to regulate the world steel production and stem the slide in steel prices. However, the global steel industry has witnessed a turnaround in 2002 led by the growth in China and prices of steel recovered to realistic levels once again.