How Steel Actually Works – Steel Industry Ultimate Course
Published 9/2026
Created by Joey Guo
MP4 | Video: h264, 1920×1080 | Audio: AAC, 44.1 KHz, 2 Ch
Level: Beginner | Genre: eLearning | Language: English | Duration: 20 Lectures ( 3h 14m ) | Size: 927.6 MB
Read the steel industry the way an analyst does: the two routes, the spread, the metal margin, and the numbers behind
What you’ll learn
⚡ Read an integrated mill’s cost per tonne and explain why its margin is a spread
⚡ Calculate the HRC spread using 1.5 tonnes of ore and 0.71 tonnes of coal
⚡ Tell production apart from capacity utilisation and avoid misreading a volume rise
⚡ Judge a steelmaker’s asset base using capex to depreciation and net debt at the trough
Requirements
❗ None – no industry experience needed. You will learn how steel industry works through the course.
Description
This course contains the use of artificial intelligence.
How Steel Actually Works is a short course for people who work in or follow finance and want to read the steel industry the way an analyst does, without having done the job. It assumes no prior banking or finance knowledge and builds the industry from the ground up, in plain language, over twenty lessons.
The course starts with what steelmakers actually sell and the two routes that make almost all of the world’s steel: the integrated blast furnace and basic oxygen furnace, and the electric arc furnace. From there it works through the products, flat and long and tubular, and shows why flat and long are different businesses with different customers and different pricing. The middle of the course is about the numbers. You will learn how the HRC spread is calculated from iron ore and coking coal, why an electric arc furnace producer measures a metal margin over scrap instead, and why production and capacity utilisation are not the same measurement.
The later lessons cover the judgement calls: why return on invested capital beats return on equity in this industry, what the ratio of capital expenditure to depreciation tells you about a mill’s asset base, how to read net debt through a cycle rather than at the peak, and how accounting choices distort comparisons between companies. The course closes with a direct comparison of two producers with opposite cost stacks and a review of the traps outsiders fall into.
Each lesson is a short video with slides. By the end you will be able to open a steelmaker’s filings, find the inputs that matter, calculate the spread or the metal margin yourself, and explain in your own words why the same steel price produces different profitability at different companies.
Who this course is for
⭐ Finance professionals covering or lending to steel and metals companies
⭐ Equity and credit analysts who need to read steel filings properly
⭐ Students and career changers moving into metals and mining research
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