A broad, shallow hearth to refine pig iron and scrap into steel. Heat is supplied from a large, luminous flame over the surface, and the refining takes seven to nine hours. Open Hearths, at one time the most abundant steelmaking furnaces among integrated companies, have been replaced by the basic oxygen furnace. The ratio of raw steel production to the mill's stated capacity. The ratio of new orders recorded to the mill's capacity to produce the steel to fill the orders.
Many analysts view trends in the order rate as harbingers of future production levels.
Oscillating A method of winding narrow strip steel over a much wider roll. Customers want to have as much steel on a coil as will fit in their machines, so they can spend less time moving the material and more time using it. Oscillate-wound coils allow the customer to enjoy longer processing runs.