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Abstract
The author examines the reasons behind the current state of the North American metal mining industry. Taking demand-side factors first, he explains the dramatic fall in metals consumption. External shocks are seen to have affected the previously well rationalized structure of supply in the 1960s, bringing about an increase in production costs and limiting capacity for industrial rationalization. At the beginning of the 1980s, the situation is seen to have been exacerbated by a larger number of producers, more supply sources and an increase in costs. During the course of the decade, the author relates how the situation worsened due to the strength of the US dollar and high interest rates.
Published Version
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