Steel is actually an alloy, a combination of metals, mainly iron and small amount of carbon content (0.2% to 2.1% by weight) depending on the grade of the steel. Steel with carbon content of 2.1% is known as cast iron which is known for its low melting point and easy castability.

Early history of steel production and usage varies according to the materials and technologies utilized in different parts of the world. In ancient civilizations, the usage of steel was largely confined to making cutting tools and weapons such as swords and daggers. Later, steel was incorporated in the manufacturing of springs used in clocks and watches. 

Modern steelmaking technologies began to take shape in the mid nineteenth century which enabled steel to be mass produced economically. Today, steel has a prominent role in modern economies as it is a major component in building construction, infrastructure, shipping industry, oil rigs and machinery tools. As such, the demand for steel is closely correlated with modern economic activities.

Steel was only traded financially as a commodity very recently. The first steel commodity was traded in the London Metal Exchange in 2008.

The major steel producing countries in the world are China, Japan, United States, Russia, India, South Korea, Germany, Ukraine, Brazil and Turkey. The European Union as a collective block has the second largest steel output behind China.