Domestic steel production followed by import and export of steel is crucial for a country’s economy. This article will give you a detailed insight into the top steel producing countries across the globe. It will also give an insight of market of iron in your country and other foreign countries.
But first, some recent data. Did you know that World crude steel production for the 64 countries reporting to the World Steel Association was 155.0 million tons (Mt) in January 2022, a 6.1% decrease compared to January 2021?
Read: Why steel is the preferred choice of engineers for construction projects
The top steel-producing countries are as follows:
China
In 2016, China produced 808.4 million metric tons of crude steel, which surpassed all the goals. Several other big economies, such as the United States, are holding talks with China on its extremely cheap steel export.
The need of the hour is to keep all the factories running to maintain the optimal GDP while making more progress. China has been producing more crude steel than the entire world needs. China exports more than 106.6 million metric tons of crude steel every year, and its most abundant by South Korea, Vietnam, and the Philippines. Most steel companies in China are state-owned and state-run.
Japan
Japan produces 104 million metric ton of crude steel. The production rate of Japan was 110.6 million metric ton in 2014. Japan is the second-largest steel producer globally and export 40.4 million metric ton of steel. Despite the fall in steel production rate, Japan has managed to raise its export rate by 22%. The primary buyers include South Korea, Thailand, and China.
India
India is the world’s fourth-largest economy successfully produced 101 million metric tons of steel in February 2017. After reaching 95 million metric tons at the end of 2016, India overtook Japan and became the second-largest producer of crude steel in the world. The countries which buy steel from India are Bangladesh, Belgium, and Nepal. The top steel producers of India are the Tata Steel Group, Steel Authority of India Limited, and JSW Steel limited.
A-One Steel Group remains the leading steel manufacturer in South India.
Read: Why choose A-One Steel Group
The United States of America
The United States of America has experienced a short drop in crude steel production in 2016 from 88.2 million metric tons to 78.6 million metric tons. The USA is the largest importer of steel from several other huge producers in developing economies. According to various researchers and economists, the excessive imports of steel from larger developing countries and economies are forcing the shutdown of the steel-producing industries. Hence it is causing a production deficit due to the job lay-offs.
The United States of America also exports nearly high-grade steel to almost 150 countries. The largest buyers are Canada and Mexico. The largest tube makers in the United States of America are US Steel, ArcelorMittal, and Nu cor.
Russia
From 2014 to 2016, Russia’s steel production has slowed down and has reduced to 68.6 million metric ton. However, by 2017, Russia produced 70.8 million metric ton of steel. Russia exports steel to Turkey, Taiwan, and Mexico. The largest steel producers of Russia are Novolipetsk Steel, Evraz group, and Severstal JSC.
Recent Highlights:
According to World Steel Association, India’s crude steel production rose by nearly 18 percent to 118 million tons (MT) in 2021, while world leader China recorded a 3 percent decline to 1 032.8 MT.
Chinese Steel saw an estimated production of 81.7 Mt in January 2022, down 11.2% on January 2021. Russia is estimated to have produced 6.6 Mt, up 3.3%.
China holds the record for the largest producer of steel in the world.
All the World Steel Association countries make up 85% of global steel production.
In 2020, South Africa, Iran, Qatar, Saudi Arabia, Libya, Egypt, and more accounted for approximately 98% of total world crude steel production.
Steel Production in 2021
Out of 1,950.5 MT in 2021, the top ten steel producing countries jointly produced 1,624.8 MT. And the rest came in from other steel producing member nations.