A basic industry is one that supplies its products or raw materials to manufacture other goods. The Iron and Steel industry provides the foundational materials (steel) for nearly all other industries, including heavy machinery, tools, construction materials, automobiles, railways, and defense equipment. Therefore, it is considered the backbone of modern industrial development. It does not primarily produce goods for direct consumption but rather for other industries. Its raw materials are minerals, not agricultural products, and its ownership can be public or private.