Bonus: Steel Industry Evolution: From Wall Street Crash to Future Global Trade Shifts

Send us Fan MailPrivileged Discussions is now Global Trade Deciphered, a sharper reflection of our focus on global trade and business. Same expert insights, new name. Global Trade Deciphered is a Privileged Discussions Productions podcast. Thanks for joining us!Episode DescriptionJustin Hayden Miller (Global Trade lawyer) discusses steel - its history, its place in the 1929 Wall Street Crash, through to its future. The episode is published to coincide with the NASCC: The Steel Conference event in Louisville, Kentucky, on April 2, 2025, In particular, the episode addresses:- Comparisons between today’s economic events and those of the 1920s and 1930s- The importance of steel as a commodity.  Steel commodity prices per ton and steel production in the1920s- Reasons for the drop and crash in steel prices in 1929- Steel as architectural frames: the art deco New York Chrysler Building and the Empire State Building- Properties of steel- Steel used for spaceship components; Space X and Elon Musk’s Starship; The role of steel for any manned mission to Mars- Stainless steel’s invention by Harry Brearley, and the story of stainless steel in Sheffield ("rustless steel”)- Steel as a barometer of the world economy- the current price of steel and oversupply- US steel demand and tariffs- European Union Steel Safeguard Measures: the EU Tariff Rate Quotes (TRQ) and Anti-Dumping tariffs- An explanation of Absolute Quota Systems and Tariff Rate Quotes (TRQ), using analogies- Trade Diversion and protective measures- A comparison between the properties of steel and those of world and economic leadersARTISTIC REFERENCES:$100 Bill (Song) Rap, Hip-HopWritten by Jay-Z and Producer, Evan Mast.  Written for the 2013 film adaptation The Great Gatsby.  Recorded May 6, 2013. Spotify: https://open.spotify.com/track/4XP935ZDMy36SyYGB8wadP?si=924c9d14548f4875The Great Gasby (movie) 2013Directed by Baz Luhrmann; Starring Leonardo DiCaprio, Tobey Maguire and Carey Mulligan.Release Date: May 1, 2013 (New York City)Star Wars (Movie) 1977Written and Directed by George Lucas. Release Date: May 1977If you like the podcast, please subscribe so you don't miss any episodes and leave a rating. Also tell friends and colleagues about it so the podcast can grow.*Follow Justin on X: @JustinHaydenM  or contact us by email at [email protected]  Sign up to our newsletter. (We won't spam you and will remove your email on your request.) https://substack.com/@globaltradedeciphered*Disclaimer: This podcast is simply for informational and entertainment purposes only and does not in way constitute legal, business, financial or other advice whatsoever. Should you require advice then please seek such from an appropriately qualified professional, explaining your specific circumstances.