Minerals In The World Economy

The year 1980 on the whole was not a good year for the world's mineral industry. The general upturn of activities in 1979 after a rather poor 1978 showing was not maintained with a number of key measurement standards showing downturns. Most notably, the world's steel and petroleum industries recorded significant reductions in output, the former in response to markedly lower demand levels and the latter partly in response to lower industrial consumption owing to general economic conditions and partly owing to successes in campaigns for the reduction of energy use in general and petroleum product use in particular among major importing nations that were feeling the trade balance pinch of ever-higher oil prices. During 1980, a number of political events-some international in scope, some confined to single nations-had significant influence upon world mineral industry activities and mineral commodity supplies, and other political happenings had the potential to significantly affect the industry in future times.