technology. In 2008, steel began trading as a commodity on the London Metal Exchange. At the end of 2008, the steel industry faced a sharp downturn that led to many cut-backs. Recycling Steel is one of the world's most-recycled materials, with a recycling rate of over 60% globally; in the United States alone, over were recycled in the year 2008, for an overall recycling rate of 83%. As more steel is produced than is scrapped, the amount of recycled raw materials is about 40% of the total of steel produced - in 2016, of crude steel was produced globally, with recycled. Contemporary Carbon Modern steels are made with varying combinations of alloy metals to fulfill many purposes. Carbon steel, composed simply of iron and carbon, accounts for 90% of steel production. Low alloy steel is alloyed with other elements, usually molybdenum, manganese, chromium, or nickel, in amounts of up to 10% by weight to improve the hardenability of thick sections. High strength low alloy steel has small additions (usually < 2% by weight) of other elements, typically 1.5% manganese, to provide additional strength for a modest price increase. Recent Corporate Average Fuel Economy (CAFE) regulations have given rise to a new variety of steel known as Advanced High Strength Steel (AHSS). This material is both strong and ductile so that vehicle structures can maintain their current safety levels while using less material. There are several commercially available grades of AHSS, such as dual-phase steel, which is heat treated to contain both a ferritic and martensitic microstructure to produce a formable, high strength steel. Transformation Induced Plasticity (TRIP) steel involves special alloying and heat treatments to stabilize amounts of austenite at room temperature in normally austenite-free low-alloy ferritic steels. By applying strain, the austenite undergoes a phase transition to martensite without the addition of heat. Twinning Induced Plasticity (TWIP) steel uses a specific type of strain to increase the effectiveness of work hardening on the alloy. Carbon Steels are often galvanized, through hot-dip or electroplating in zinc for protection against rust. Alloy Stainless steels contain a minimum of 11% chromium, often combined with nickel, to resist corrosion. Some stainless steels, such as the ferritic stainless steels are magnetic, while others, such as the austenitic, are nonmagnetic. Corrosion-resistant steels are abbreviated as CRES. Alloy steels are plain-carbon steels in which small amounts of alloying elements like chromium and vanadium have been added.