When thinking about steel production, cutting-edge technology and groundbreaking innovation are commonly not the first things that spring to mind. With its roots in the Second Industrial Revolution – an era that saw the rapid growth of large-scale mass production – the steel industry is still widely seen as traditional, with the need for careful management and a hands-on approach. However, things have come a long way since the demand for railways first spurred the expansion of the steel business in the late 1800s.
As the metal and mining industry continues to adapt to the automation of production and consumption, it seems a new revolution is on its way, bringing with it both opportunities and challenges: Industry 4.0. First coined in Germany, the term Industry 4.0 means the anticipated Fourth Industrial Revolution – the next major phase of innovation to shape the organization and management of the manufacturing world. It refers to the greater integration of smart technology into the work place. According to experts, Industry 4.0 will change how, where and by whom decisions about physical processes are made.