Please explain how to solve

Steel Production and Consumption

18

17

16

Domestic Demand

15

14

Tonnage (in millions)

13

12

Domestic Production

10

Year 1

Year 2

Year 4

Year 5

Year 3

Steel Imports

Tonnage (in millions)

0

Year 1

Year 2

Year 3

Year 4

| Year5

5

In Year 4, approximately what tonnage of steel (in millions) was used by the automotive

industry if it represented 15% of domestic demand?

A

B

C

D

0.60

0.75

1.65

2.25

6

What was the ratio of domestic production to imports in Year 4?

A

B

D

2:1

3:1

1:1

1:3

7

Approximately what percentage of domestic demand was met by imported steel in Year 2?

A

11%

B

15%

19%

D

23%

8

By what percentage did total imports increase from Year 1 to Year 5?

A

B

C

D

100%

150%

200%

300%

Introduction:

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Steel is an essential commodity in many industries, including the automotive sector, construction, and manufacturing. In the United States, steel production has been on the rise in recent years, but so has the importation of steel. This raises interesting questions about the relationship between domestic demand, production, and importation. By analyzing data on steel production, consumption, and imports, we can better understand how to solve some of the challenges presented by these trends.

Description:

The data provided shows the tonnage of steel production, consumption, and importation over a five-year period. The information is broken down into key categories such as domestic demand, domestic production, and steel imports. One particularly interesting question addressed by the data is the tonnage of steel used by the automotive industry in Year 4 if it represented 15% of domestic demand. Similarly, the data highlights the ratio of domestic production to imports in Year 4 and the percentage of domestic demand met by imported steel in Year 2. The information provided showcases the increase in total steel imports from Year 1 to Year 5, which is another crucial aspect of understanding the industry. Overall, by analyzing this data, industry stakeholders can better identify strategies to address the challenges associated with producing, consuming, and importing steel.

How to Solve Steel Production and Consumption:

The information provided in the data can be used to solve several key challenges in the steel industry. For example, to determine the tonnage of steel used by the automotive industry in Year 4, when it represented 15% of domestic demand, we need to first find the total domestic demand for that year. We can do this by adding up the tonnage for domestic demand for Year 1 through Year 5 and dividing by five. Once we have the total domestic demand, we can multiply it by 15% to determine the amount of steel used by the automotive industry.

To determine the ratio of domestic production to imports in Year 4, we need to find the tonnage of domestic production and steel imports for that year. We can then divide domestic production by steel imports to get the ratio.

Lastly, to determine the percentage increase in total imports from Year 1 to Year 5, we can use the following formula: ((Total imports in Year 5 – Total imports in Year 1)/Total imports in Year 1) * 100. By utilizing these approaches and analyzing the data provided, industry stakeholders can make informed decisions about the production, consumption, and importation of steel to meet growing demand.

Objectives:

– To understand the production and consumption trends in the steel industry

– To learn how to calculate steel usage and production ratios

– To examine the impact of steel imports on domestic demand

Learning Outcomes:

By the end of this content, readers should be able to:

– Interpret and analyze data related to steel production, consumption, and imports

– Calculate the tonnage of steel used by a specific industry based on its percentage of domestic demand

– Determine the ratio of domestic steel production to imports

– Calculate the percentage of domestic demand met by imported steel in a given year

– Understand the trends and changes in total steel imports over time

Explanations:

6. To calculate the tonnage of steel used by the automotive industry in Year 4, we first need to know the total domestic demand in that year, which is 18 million tonnes (based on the chart). Then we can multiply that by the percentage represented by the automotive industry (15% or 0.15): 18 million x 0.15 = 2.7 million tonnes. Therefore, option D, 2.25 million tonnes, is incorrect.

7. To calculate the percentage of domestic demand met by imported steel in Year 2, we need to know the total domestic demand (14 million tonnes) and the total steel imports (5 million tonnes). Then we can divide the total steel imports by the total domestic demand and multiply by 100 to get the percentage: (5 million / 14 million) x 100 = 35.71%, which is closest to option B, 15%.

8. To calculate the percentage increase in total imports from Year 1 to Year 5, we need to subtract the total imports in Year 1 (0 million tonnes) from the total imports in Year 5 (6 million tonnes), divide by the total imports in Year 1, and multiply by 100 to get the percentage: ((6 million – 0 million) / 0 million) x 100 = infinite or undefined. Therefore, none of the given options are correct.

Solution 1:

To find the tonnage of steel used by the automotive industry in year 4 if it represented 15% of domestic demand, we need to first find the total domestic demand. Adding up the domestic demand for all five years gives us: 15+14+10+17+18=74 million tons.

Next, we need to figure out what 15% of this total is: 0.15 x 74 = 11.1. Therefore, the tonnage of steel used by the automotive industry in year 4 would be approximately 11.1 million tons.

Solution 2:

To find the ratio of domestic production to imports in year 4, we need to first add up the total domestic production and total steel imports for that year. From the table, we can see that domestic production in year 4 was 17 million tons, and steel imports in year 4 were 5 million tons.

Therefore, the ratio of domestic production to imports in year 4 is 17:5, which simplifies to 3:1.

To find the percentage of domestic demand that was met by imported steel in year 2, we need to first figure out the total domestic demand. Adding up the domestic demand for year 1 and year 2 gives us: 15+14=29 million tons.

Next, we need to figure out what percentage of this total was met by imports in year 2. From the table, we can see that steel imports in year 2 were 0 million tons. Therefore, the percentage of domestic demand met by imported steel in year 2 was 0/29 or 0%, which rounds to the nearest whole number as 0%.

To find the percentage increase in total imports from year 1 to year 5, we need to first add up the total steel imports for both years. From the table, we can see that steel imports in year 1 were 0 million tons and in year 5 were 6 million tons.

Therefore, the percentage increase is ((6-0)/0) x 100, which simplifies to 600%.

Suggested Resources/Books:

1. World Steel Association – https://www.worldsteel.org/

2. Steel Industry News – https://www.steelorbis.com/

3. Steel Production and Manufacturing Handbook – https://www.amazon.com/Steel-Production-Manufacturing-Handbook/dp/1516910377

Similar Asked Questions:

1. What is the current trend of steel production and consumption?

2. What factors are affecting domestic steel production in the current market?

3. What is the expected growth rate of the steel industry in the next 5 years?

4. How is the global steel industry coping with the ongoing pandemic?

5. What are the environmental impacts of steel production and what measures are being taken to address them?

Explanation of Steel Production and Consumption:

The data provided shows the trends in domestic steel production, consumption, and imports over the course of 5 years. Tonnage is used as a measure of the amount of steel produced, consumed, and imported in each year.

From the data, it can be calculated that the tonnage of steel used by the automotive industry in Year 4 was 1.65 million tons (15% of domestic demand).

In Year 4, the ratio of domestic production to imports was 1:3. This means that for every one ton of steel produced domestically, three tons were imported.

Approximately 19% of domestic demand was met by imported steel in Year 2.

Total imports increased by 200% from Year 1 to Year 5. This indicates a significant increase in the reliance on imported steel over the course of 5 years.

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