US Steel Industry Set to Grow on the Back of the Shale Boom
The first industry that grew as a direct result of the shale boom was the chemical industry. After years of decline the cheap costs of natural gas enabled chemical manufacturers to slash their costs and become much more profitable and competitive. Shares in LyondellBasell Industries NV have more than doubled since its bankruptcy back in 2010, and it is just one of several chemical giants to invest billions of dollars to develop plants around the Gulf of Mexico to take full advantage of the cheap gas.
The latest industry to benefit is the US steel industry; once a powerhouse in the American economy, it has struggled since the financial crisis in 2008 led to a collapse in commodity prices. However the availability of cheap gas is attracting investment to this once great industrial sector.
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