Ladle 4

A “bucket” lined with refractory (heat resistant) bricks, used to transport molten steel from process to process in a steel plant.

Ladle Metallurgy Furnace (LMF)

An intermediate steel processing unit that further refines the chemistry and temperature of molten steel while it is still in the ladle. The ladle metallurgy step comes after the steel is melted and refined in the electric arc or basic oxygen furnace, but before the steel is sent to the continuous caster.

Lance 4

A long metallic tube through which oxygen is blown into the BOS vessel under high pressure.

Lead-Time

Delivery time for an item of inventory to be moved from a source location to a destination via a specific route. Detail is specific to the level of the location. Also the time to produce a customer’s order from order placement to shipment.

Legacy Costs

Any costs that are associated with prior operations. Employee liabilities (pensions and health care benefits) and environmental cleanup costs usually are included under this moniker.

Leveling

The process by which a leveling machine flattens metal strip, coil, or sheets by bending it up and down over the interrupting arcs of upper and lower sets of long, slender work rolls. Machines generally employ 17, 19, or 21 relatively small diameter rolls whose deflection under load is controlled by additional back-up rollers and a rigid frame.

Life Cycle Costing

An accounting method of costing where expenses are allocated over the life of the product. Life cycle costs are often lower for stainless steel than for alternatives despite a higher initial outlay, because stainless products generally last longer and require little maintenance.

Light-Gauge Steel

Very thin steel sheet that has been temper-rolled or passed through a cold-reduction mill. Light gauge steel normally is plated with tin or chrome for use in food containers.

Line Pipe

Pipe used in the surface transmission of oil, natural gas and other fluids.

London Metal Exchange (LME)

A metals trading center for the Western World. The LME also determines the metal price for aluminum trading for current and future delivery.

Long Products

Classification of steel products that includes bar, rod and structural products, that are “long,” rather than “flat.”

Low-Carbon Steel

Steel with less than 0.005% carbon is more ductile (malleable): It is capable of being drawn out or rolled thin for use in automotive body applications. Carbon is removed from the steel bath through vacuum degassing.