Besides the earthquake and tsunami taking more than 6000 lives, costing the county billions of dollars and damaging some of their main nuclear reactors, the natural disasters in Japan could potentially hurt the global economy significantly. Japan has the third largest economy in the world and is the second largest country in steel exportation. That being said, in result to the disasters Japan had to close all of their steel mills and most of their ports, temporarily closing them off from trading with the rest of the world. The production is no longer able to compete with the demand, which is causing a drastic increase in the price of steel and reducing the need of iron ore by millions. It is no shocker that stock markets have taken some hits worldwide within the last month and why Japan isn’t the only country feeling the aftershocks from this disaster.