| Consumption of steel | |
| Exogenous variables | 3SLS Coefficients |
| GDP | −0.0092425 |
| Population | 20.35363* |
| Consumption of steel (time t − 1) | 0.1051833 |
| Net export of steel | −1.314868*** |
| Government expenditure | −0.0118188 |
| Constant | −3.71e+08* |
| R2 | 0.9335 |
| Consumption of other goods | |
| Exogenous variables | 3SLS Coefficients |
| CPI | 8.06e+07*** |
| GDP per capita | 1.05e+07*** |
| Net export of other goods | −0.2745209* |
| Constant | −9.04e+08 |
| R2 | 0.9918 |
| Investments in the steel sector | |
| Exogenous variables | 3SLS Coefficients |
| Real Interest Rate | 35833.75 |
| Total Investments (time t − 1) | 0.0376584*** |
| Constant | 3.03e+07** |
| R2 | 0.9415 |