Not at all. Pig iron is $200 per ton last I looked, which was 20 years ago. It's a controlled price. Manufactured steel has variable prices depending on alloy and shape; it's not a controlled price. The steel industry is not mainly producing virgin pig iron, but steel shapes and alloys. Much of the steel has been through the mill before, has come back after the manufactured item has worn out, and is thrown into the furnace along with new iron. Steel girders in Arafat's office building are right now headed for the recycling furnace, for example.
The real room for growth of the steel industry is in the developing world. Right now steel usage worldwide is about 20% of what it could be if all countries were running at Western levels of usage.