https://doi.org/10.36719/2789-6919/40/65-77
Afag Mustafayeva
Azerbaijan State Oil and Industry University
PhD student
afaq.mustafayeva.2014@gmail.com
https://orcid.org/0009-0001-0193-7896
Strategic Importance of Ferrous Metallurgy in Economic Development
Abstract
Ferrous metallurgy, as one of the main sectors of the economy, is engaged in the production of steel and iron products and plays an important role in the development of the country's infrastructure and the strengthening of heavy industry. This sector contributes to the diversification of the local economy and provides access to foreign markets with large export products. Since iron and steel are widely used in engineering and construction, ferrous metallurgy also supports the development of other industrial sectors.
The ferrous metallurgy sector also ensures economic security by effectively using the country's energy potential and contributes to the creation of new jobs. The sustainable development of this sector accelerates technological development and becomes a driving force for industrialization in the regions. Ferrous metallurgy affects both the domestic economy and foreign trade, since iron and steel are considered strategic products on a global scale and their export provides countries with foreign exchange earnings.
Modern technologies and automated production systems increase the productivity of the ferrous metallurgy sector, reduce costs in production processes and ensure environmental sustainability. This increases the country's industrial potential and enables the production of competitive products.
Keywords: iron, steel, industrialization, currency, competition