https://doi.org/10.36719/2706-6185/42/41-51
Afag Mustafayeva
Azerbaijan State Oil and Industry University
Ph. D. student
afaq.mustafayeva.2014@gmail.com
https://orcid.org/0009-0001-0193-7896
Impact of the Ferrous Metallurgy Sector on the Regional Economy
Abstract
The ferrous metallurgy sector plays an important role in the regional economy and has a significant impact on ensuring sustainable economic development. The sector allows for the expansion of production processes and industrial diversification by increasing the efficient use of local resources. At the same time, it plays an important role in creating regional jobs and increasing social welfare. Ferrous metallurgy increases the economic activity of regions with the foreign exchange, tax revenues and foreign trade opportunities it brings to the local economy. The expansion of the sector stimulates the development of regional infrastructure, helps diversify the economy and ensure balance in regional development. Modern technologies are applied to reduce waste, increase energy efficiency and protect ecosystems, paying attention to environmental issues. The ferrous metallurgy sector also contributes to the development of the local industrial environment, the application of modern production methods and the increase of knowledge. This increases the quality of the local labor market and adds added value to the regional economy.
Keywords: currency, employment, social, export, metallurgy