Although no American firm could currently deliver such a contract, Ispat soon might: it already produces, sources and sells lower grades of steel all over the world, and it is expanding into the high-quality steel that car makers demand.

ECONOMIST: In America��s fiery furnace

In 2006 the steelmaker embarked on a massive investment and construction project to build blast furnaces to produce high-quality virgin steel for cars, ships and consumer durable goods for parent Hyundai Motor and other customers.

FORBES: On The Cover/Top Stories

But in 2006, it embarked on a massive investment and construction project to build blast furnaces which use iron ore and coking coal to produce high-quality virgin steel for cars, ships and consumer durable goods.

FORBES: Hyundai Motor Revisits Henry Ford's Vision

Voestalpine does not make commodity steel but occupies various high-end niches: top-quality steel, railway systems, steel sections and sophisticated automotive products, mostly made to order.

ECONOMIST: Who says heavy industry has had its day?

Dolle, who has compared Arcelor's steel to high-quality perfume over Mittal's lower grade eau de cologne, would like to see an all-cash offer from Mittal before he's prepared to consider the bid.

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Continuous casting is a process whereby molten steel is passed continuously through a mould, like play-dough, allowing high quality products to be manufactured at greater lengths than traditional casting.

BBC: A history of Teesside steelmaking