The steel industry is known to be a very dynamic field in terms of the country leading in production as well as the range of products. Analysis of the steel industry indicates that from the period starting 1910 till the year 1960, the first position in terms of production of steel in the world was held by the USA. In recent times, India and Brazil have shown improved performance in terms of steel production but China is the biggest producer at the moment. The steel industry has embraced merger and acquisition practices as well as downsizing. The industry is moving from the traditional labor-intensive one to a capital-intensive industry. In recent times, the industry has registered a high rate of growth with the main factor being the excess demand for steel generated by the construction, automobile and infrastructure industries (ASTM, Due to the dynamic nature of the steel industry, there required to be a regulatory body to check on the quality standards of steel products availed to the consumers. There was the need for a body to ensure that the end consumers of steel products are not exploited by the major industry players. Also, there was a need to standardize the products for compatibility purposes of the products from the different market players. It would not be satisfactory to the consumer to buy all the steel products from one of the major industries due to compatibility limitations (Blanc, McEvoy amp. Plank, 391). Also, there was a need for the industry players to be forced to improve the quality of steel especially that which was mined and determined to be of poor quality like Chinese steel.The US government in the early development of the steel industry sort to standardize steel industry from the traditional contract specific requirements to commonly accepted commercial practices with the goal of standardizing the means of drafting and fulfilling contracts. This was aimed at achieving better consistency through the already convoluted supply chain. The USA government first met with other world’s leading steel contractors and came to an agreement that an internationally accepted standard should be put in place throughout the industry. Their attention was drifted towards the already established ISO 9000 quality standards as the de facto benchmark to follow (Bangash, 98).