Ferroalloys are alloys of iron with other elements like manganese, chromium, or silicon. They are produced through carbothermic reduction in open arc or submerged arc furnaces. Major ferroalloys include ferromanganese, silicomanganese, ferrosilicon, and ferrochrome. Ferroalloys are added to molten steel to improve properties like strength and corrosion resistance and have applications in industries like automotive, transportation, and construction. The ferroalloys industry is expected to grow due to increasing demand from the global steel sector and adoption in emerging technologies.