Data Analysis and Findings

Data Analysis and Findings

Data Analysis and Findings

Introduction

Three major steel entrepreneurs would be discussed: Henry Bessemer, Ken Iverson and Lakshmi Mittal, and special emphasis would be placed on their marketing and business strategies. The chapter seeks to answer particular questions regarding steel manufacturing, including the questions regarding their selection of procedure for manufacturing and their ways of tackling with the financial constraints in order to thrive in business. In addition, the differences between the approach adopted by these entrepreneurs while working in the same industry would also be highlighted, the assist in get an understanding of the various methods and how each one of them can eventually result in success (Hall, 1997, Pp: 380). While providing explanation, special emphasis would be laid on the crucial technical issues, including: markets, finance and business organization.

Discussion

Henry Bessemer

Sir Henry Bessemer is also known as the Steel Man, because of the fact that he was the first one to invent the procedure of mass production of Steel with minimum expensive. In other terms, he invented the procedure of mass production of steel in an inexpensive manner, and thus laid the foundation of the modern methods that are observed today. Before Henry, Kelly was working on similar lines and had developed the method of steel production known as pneumatic process of steelmaking. The system was sold to Henry due to bankruptcy in 1855, who was working on similar lines during those days (Symp and Madar, 2010, Pp: 194).

The modern methods of steel production are based on the procedure introduced by Henry, and he was knighted in 1879 for his contribution to the knowledge body and the major process of steel making, Bessemer Process is also named after him. It is eminent to mention here that before the development of this procedure, a number of projects had to rely on cast iron and wrought iron alone, which includes railway structures, bridges and tracks, where large amounts of cast iron were used (Fruehan, 1998, Pp: 623). Despite the mass usage, cast iron was not considered reliable and there were various incidences when the bridges and tracks collapsed and caused loss of both life and property. Thus, the importance of steel was highlighted and it was decided that further such structures would be made using steel instead of cast iron, and thus the doors for commercialization of steel were opened. During the same era, the attention was Henry was directed towards the issue and he was encouraged to develop the methods in an attempt to improve the guns.

The steel business of Henry started with the patenting of his process of five Ironmasters, but the company faced a number of difficulties in producing fine quality steel because of the technical issues. The problem was partly solved by the experiments of a Swedish ironmaster, who, after a number of attempts was able to produce better quality steel (Bessemer, 1989). His results encouraged Henry to use purer form of iron, but still success was far from ...