Why business models matter

STEEL, a processed, durable form of iron, has been used through the ages to make a variety of things: weapons, armour and farm equipment; and now the railways, cars, ships and buildings of modern life. Around the world, millions of tonnes of steel is produced a month, with about half of production going into the construction industry.

The structural steel industry in Singapore, which uses steel made elsewhere for infrastructure projects here and in the region, has been in the doldrums. Are there opportunities within it, if we think things will improve from a cyclical perspective?

We commence our investigation by zooming in on two listed structural steel firms here.