Investment

Annual global steel industry investment is partly mirrored in the data for selected market economy countries that appear in table 13 for 1988-90. No reasonably comprehensive 1991 data were available for inclusion in this study, and the partial reporting available was so incomplete that it was impossible to demonstrate whether the level advanced or declined from the 1990 level of nearly $15.5 billion. Moreover, with the radical changes that are now being effected in the steel industries of the states that were the U.S.S.R. and its CMEA partners, it is most regrettable that comprehensive and comparable data, both current and historic, on investment in this area are not available. Updated information on market economy country petroleum industry capital and exploration expenditures by geographic area has been included in table 14, and it is evident that there was a substantial upturn in investment in 1991. The level of almost $74.5 billion was 14.5 % above the 1990 level and included gains in every topical category and geographic area. The source of information for this table has been changed to the Oil and Gas Journal Database from the previously used Chase-Manhattan Bank study of Capital Investments of the World Petroleum Industry, which has been discontinued. Because of this source change, it has been necessary to modify the structure of the table somewhat, but its total scope of coverage is regarded as basically unchanged. It should be noted that the grand total, as well as some of the detail appearing for 1987, corresponds precisely with those in the previous source.