Steel crisis

The steel crisis was a prolonged downturn in the global steel market, occurring during the 1973–1975 and early 1980s recessions. It followed the post–World War II economic expansion and was exacerbated by the 1973 and 1979 oil crises, persisting well into the 1980s. The steel crisis had a significant impact on several industrial regions, including the Rust Belt in North America, the English Midlands in the United Kingdom, the Ruhr area in West Germany, and Bergslagen in Sweden.

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