Italy has a vast history of iron and steel production that dates back to the early 1900’s. The steel industry played a significant role in the Italian workforce specifically in the 1950’s where the labor output was at an all time high. Although steel isn’t Italy’s number one resource it still plays a pivotal role in the history of the country’s overall economic growth. According to sverdrupsteel.com “Italy modernized it’s industry in the 1950s and 1960s and it grew rapidly, becoming second only to West Germany in the 1970s. Strong labor unions kept employment levels high… In the 1990s the Italian steel industry, then mostly state owned, was largely privatised. Today the country is the world’s seventh largest steel exporter” ( “History of the Modern Steel Industry”, 2019). There is a clear interrelationship between the production of steel in Italy and the overall economy because of how versatile it is. Steel is a very important resource because of the fact that it has a major influence on modern society and the everyday essentials that people need. According to ibisworld.com “ Steel is a crucial raw material for the general economy due to it’s versatility. Although steel products are used by many different industries, the automotive and construction sectors are particularly important markets for industry manufacturers…Industry revenue is anticipated to increase at a compounded annual rate of 3.2% over the five years through 2021 23.2 billion euros” ( “Iron and Steel Manufacturing in Italy”, 2021).
Not only does steel production give many industries an opportunity to produce their products but it also gives The Retailers of Italia the chance to produce their indigenous product of stainless steel earrings. However due to the aftermath of the COVID-19 pandemic Italian cities like Venice have had a lack of business in the jewelry department because of the decrease in tourism. According to the New York Times “ Now that tourists are returning, despite the spread of the new delta variant, jewelers are trying to recover” ( “In Venice, Jewelers Try to Revive their Business”, 2021). This displays how the influx of tourism certainly plays a role in the retail market when it comes to the jewelry business. For The Retailers of Italia being able to export stainless steel earrings during this time of the pandemic might be challenging but it will open the door for e-commerce and being able to sell earrings globally online.
