During this time:
The growth of the iron and steel industry involved Technological innovation. As well as Large-scale production, centred on famous ironmasters. And Improvements in transport - canals and waterways.
There were three main reasons why the iron and steel industries grew, which included a shortage of wood, Increasing demand for iron because of the Industrial Revolution. And that cast iron was brittle and broke under strain, but wrought iron was too bendable. After 1850, therefore, there was increasing demand for steel, which was strong and malleable, particularly for the railways. Iron became more popular and was used to build factories and bridges. As well as to build machines, it was essential for steam engines, ships, trains and rails. It was also required for replaceable machine parts. It was used for weapons of war such as cannons and rifles. And was also commonly used in the home for railings, kitchen ranges and bedsteads.
The mass-production of cheap steel only became possible after the introduction of the Bessemer process, named after, Sir Henry Bessemer (1813-1898). Bessemer reasoned that carbon in molten Cast Iron consists of oxygen, so a strong blast of air through molten pig iron should convert it into steel by reducing its carbon content. In 1856 Bessemer designed a converter, a large, pear-shaped machine with holes at the bottom to allow the injection of compressed air. Bessemer filled it with molten Cast Iron, blew compressed air through the molten metal, and found that the Cast Iron was emptied of carbon and silicon in just a few minutes. And instead of freezing up from the blast of cold air, the metal became even hotter and so remained molten.
As a result of this crucial discovery Iron Ore all over the world could be used to make cast iron. This lead to immense amounts of Cheap Steel being produced in Europe and the US. For example in 1867, 460 tonnes of Iron Rail was produced and sold at $83 per tonne. And only 2550 tonnes of Bessemer steel rails were made, resulting in a price of $170 per tonne. However by 1884 iron rails has halted in being made at all, and were instead replaced by 1,500,000 tonnes of Steel railing being formed, which sold at only $32 per tonne. As a result of all the development manufacturing costs per tonne were as little as $14 however resulted in a development in quality of iron rails and other forms of transport such as ships.
The development in the production of Iron and Steel only resulted in more of it being produced, and a lot more easily this resulted in it to significantly become a lot cheaper, and also result as the fall in the Iron and Steel Industry.