Question

Why could steel be produced more cheaply than iron

Answer 1

Because there was more of it

Answer 2

Iron is a chemical element that is found in abundance in the Earth’s crust. Steel is an alloy, meaning it is a mixture of two of more metallic elements or one metallic and nonmetallic element.

Courtesy to: http://www.differencebetween.info/difference-between-iron-and-steel