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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.

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 Line
A process to flatten any shape deficiencies (wavy edges and buckles) in the sheet, prior to final shipment. Most cold-rolled sheet initially has a crowned cross-section that, if such a shape is undesirable to the customer, must be flattened in the leveling line.

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.

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.