Milk arrives
Milk get pasteurised
Rennet gets added to milk
Milk separates to curds and whey
Salt gets added
Whey gets drained off
Whey gets compressed into moulds with remaining whey squeezed out
Moulded blocks of what was whey go into plastic bags, put in the cold storage 'fridge'
After a while the moulded blocks mature into cheese. Typically they weigh 25 Kg each. Over time they mature - mature cheese is a premium product, however, the cold storage facility is only so big. Therefore some cheese gets sold as 'mild'.
The price of milk comes into it. As does what cows eat. As does how much rain falls. Sometimes it is better to make coloured cheese or 'diet' cheese if the milk is not up to scratch.
The whey actually is a very salty 'byproduct'. You can put it into a big machine that looks like a washing machine and churn it into butter. It will be salted butter because it already has salt in it.
As for wastage of the 'curd', there is practically none in a modern cheese factory. So I have no idea what this author is on about. You may have a useless employee knock a corner off a cheese block due to poor handling, but other than that there is practically no waste. The idea of 'what shall we do with this waste' is a bit beyond a joke.
This 'Velveeta' stuff has nothing to do with cheese. It is disgusting. The ingredients say it all. It is a fake product, like what salad cream is to mayonnaise. There is no quaint charm about it, no matter what the spin is here.
However, in the days before refrigeration was commonplace there was good reason to adulterate products so that they could have some half-decent shelf life. So, even though the original product was honourable, today's monster, reformulated product is just plain evil. Avoid with a bargepole.