Economic information about ironmaking

Ironmaking is an important world-wide industry. Iron produced in blast furnaces is a crucial inout for almost three-quarters of the steel produced in the world according to the International Iron and Steel Institute. Few industries have recieved as much attention as the steel industry, yet very litt...

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Bibliographic Details
Published in:Applied economics 1990-10, Vol.22 (10), p.1335-1353
Main Author: Erkkila, John
Format: Article
Language:English
Subjects:
Cost structure
Economic information
Economic models
Economic theory
Elasticity of demand
Input output analysis
Iron
Iron and steel industry
Statistical analysis
Steel industry
Studies
Substitution
Variable costs
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Summary:Ironmaking is an important world-wide industry. Iron produced in blast furnaces is a crucial inout for almost three-quarters of the steel produced in the world according to the International Iron and Steel Institute. Few industries have recieved as much attention as the steel industry, yet very little is known about the cost structure of ironmaking, one of its major inputs. This paper attempts to fill that void by the first application of the restricted translog cost function on time series data for the ironmaking plant of one of the world's major steel producers. All this information revealed is new. For the first time, estimates of the elasticities of inout demand for variables inputs and elasticities of substitution are presented. Major results include the findings that there is more substitution are presented. Major results include the findings that there is more substitution between variable inputs than was previously thought, that disembodies technical change exists and is Hicks neutral, and that technology is not homothetic with respect to variable inputs.
ISSN:0003-6846
1466-4283
DOI:10.1080/00036849000000105