Information on the structural characteristics of steel firms over time provides important insights into the dynamics of the steel industry and how this industry has been restructuring and adapting in a rapidly changing environment. This paper builds on data from the new and unique OECD Steel database to shed light on the micro determinants of changes in the steel sector. The OECD Steel database provides invaluable insights into the characteristics of steel plants and steel firms, and how they have evolved in the last 20 years. Results from the analyses in this paper suggest that the steel sector could benefit from increased business dynamism, while data show that economies of scale and technology are important factors influencing adjustment in the sector. The paper concludes by offering several different avenues for future research that could build upon the OECD Steel database.