Investment

Comprehensive world mineral industry investment data do not exist, but limited material published on aggregates of in vestment in some elements of the world mineral industry suggest a continued up-turn in the investment level, at least in market economy countries in 1989. Steel industry investments in Organization for Economic Cooperation and Development (OECD) countries are not yet available for 1989 but, as shown in table 6, increased by 22.1% in 1988, after showing a decrease of 5.2% (revised) in 1987. The pattern of investment ups and downs varied during 1988 within country blocs and economic alliances showing no particular trends. Investment in the steel industry by the United States increased by 58.3% between 1987 and 1988 and was 1 1.9% higher than the previous highest amount invested during the 1984-88 period but was still 41.5% less than the amount invested in 1983. Investment in the steel industries of the European Coal and Steel Community (ECSC) dropped again in 1988 from the revised amount for 1987, which became the first drop after several years of steady growth in what became the expanded ECSC in 1986. This drop in 1988 was the result of lower investments by Denmark, France, the Federal Republic of Germany, Ireland, Italy, Luxembourg, the Nether- lands, and Spain, investments grew or remained level in Belgium, Portugal, and the United Kingdom in 1987 and 1988. A decrease in investment in the Canadian (-26.6%) steel industry was offset by in- creases registered by the members of the European Free Trade Association (EFTA) of 31.7%, by Japan of 19.8% by Turkey of 22.4%, and a slight increase by the nations of Latin America. If data for the world steel industry as a whole, including those of the centrally planned economy countries, were available, the same pattern presumably would be shown as that reported; that is, it would remain fairly stable, with increases in some countries being offset by decreases in others. However, the lack of comprehensive information on the centrally planned economy countries makes it impossible to determine whether the overall trend was up or down despite recorded increases or decreases in production of the materials involved. Preliminary data show that investment levels in industries dealing with the production and/ or processing of mineral commodities for