Before 1800 A.D., the iron and steel industry was located where raw material, power supply and running water were easily available. After 1950, the iron and steel industry began to be located on large areas of flat land near sea ports. The history of the modern steel industry began in the late 1850s. Since then, steel has become a staple of the worlds industrial economy. This article is intended only to address the business, economic and social dimensions of the industry, since the bulk production of steel began as a result of Henry Bessemers development of the Bessemer converter, in 1857. Previously, steel was very expensive to produce, and was only used in small, expensive items, such as knives, swords and armor.