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The costs of manufacturing steel declined substantially from building a conventional hot rolled steel mill down to new mini mill technology that need only scrap metal, an electric furnace, and three hundred employees rather than iron ore raw materials, enormous blast furnaces, rolling mills, reheating furnaces, and thousands of workers. What effect on the potential industry profitability would Porter's Five Forces framework suggest this new technology has? Explain your reasoning?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9310185

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