steel

Iron alloy containing carbon from as low as 0.03 percent (as in ingot steel) to 2.5 percent by weight (as in cast iron), and varying amounts of other elements (mainly chromium, manganese, molybdenum, nickel, and silicon) depending on its end use. Higher amounts of carbon make the steel more fluid and castable, and lower amounts make it purer for specialized purposes such as electrical steel and stainless steel. Carbon steel exits in three main stable crystalline forms: (1) Ferrite (body centered cubic crystal), (2) Austenite (face centered cubic crystal), and (3) Cementite (orthorhombic crystal). See also stainless Steel, ferritic stainless steels, and martensitic stainless steels.

Convincing customers to buy your products is tough enough without suppliers giving you a hard time. Basic rule of thumb: The fewer the number of suppliers, the more sway they have. Take the steel industry, which relies on a handful of companies for its iron feedstock. If two of those big guys should get together--as BHP Billton and Rio Tinto have been discussing--they would have significant pricing power, potentially crimping steel producers' margins. On the flipside, beware getting hooked on low-cost providers who don't keep an eye on quality. ("Lead-laced" Barbie, anyone?)