As prices tumble and job cuts mount, the turmoil which has engulfed the steel industry in Australia is plain for all to see.

Overall volumes of steel produced have fallen from 7.3 million tonnes in 2010 to 4.9 million in 2015 according to the World Steel Association (world-steel). This puts Australia at 29th position and gives the country an implied world market share of just 0.3 per cent. Though it expects to turn a profit this year, BlueScope over the past four years has delivered an unbroken string of financial losses.

The upshot for Australia, according to Australian Steel Institute CEO Tony Dixon, revolves around a combination of under-utilised capacity and a sharp contraction in margins.

The steel industry in Australia is facing difficult times.

From the viewpoint of the 90,000 odd people ASI says work in the sector as well as its many other stakeholders, the hope is that the industry does indeed have a viable future going forward.