Top 10 largest steel producers: a look at the global steel industry
The Asian continent dominates the steel production ranking, in particular China, which has a dominant steel market with 27 producers out of the top 50.
To find a company headquartered in the European Union other than ArcelorMittal, you have to go all the way down to 41st position (ThyssenKrupp). The top U.S. steelmaker on the list is Nucor Corporation, which ranks 15th.
The most important Latin American steelmaker is Argentina’s Techint Group, in 26th place.
You may read: The overview of public administration in Colombia: challenges and opportunities for sustainable development
10 of the biggest steel producers around the world
The steel industry is an essential input for the global economy, as steel is a fundamental material in sectors such as construction, automotive, and machinery.
1. China Baowu Group
Topping the steel production list, China Baowu Group is the world’s largest steel producer, with an output in 2023 of 130.77 million tons (Mt), slightly below its 2022 production of 131.84 Mt. It is a state-owned iron and steel production company headquartered in Shanghai.
2. ArcelorMittal
Headquartered in Luxembourg, ArcelorMittal remains the world’s second largest steel producer, with an output of 68.52 Mt in 2023. The company, which operates in more than 60 countries, has pioneered the vertical integration of its operations, ranging from ore extraction to the manufacture of finished products.
Despite a slight drop in production from 68.89 Mt in 2022, ArcelorMittal remains in second place.
3. Ansteel Group
Another Chinese giant, Ansteel Group, ranks third with a production of 55.89 Mt in 2023. This conglomerate has steadily increased its production in recent years, thanks to its focus on improving energy efficiency and optimizing its industrial processes. The merger with Benxi Steel in 2021 allowed Ansteel to consolidate its position and expand its steel production capacity.
4. Nippon Steel Corporation
Japan’s Nippon Steel Corporation is the fourth largest steel producer in the world, with an output of 43.66 Mt in 2023, just below the 44.37 Mt produced in 2022.
The company has prioritized technological innovation, which has enabled it to remain globally competitive. It is also investing in reducing its CO2 emissions, in line with Japan’s long-term sustainability goals.
5. HBIS Group
China-based HBIS Group produced 41.34 Mt in 2023, rising from sixth to fifth on the list of the world’s largest steel producers. The company has been instrumental in modernizing China’s steel industry, with a focus on using hydrogen to replace non-renewable energy sources to reduce carbon emissions.
In addition, HBIS has boosted its global presence, as was the case with the 2016 purchase of the Serbian purchase of the Smederevo Steel Mill.
6. Shagang Group
China’s Shagang Group produced 40.54 Mt of steel in 2023, down slightly from 41.45 Mt the previous year, placing it sixth in the rankings.
You may also read: Colombian foreign trade: Exports and imports decrease in the first half of 2024
7. POSCO Holdings
POSCO, headquartered in South Korea, ranks seventh on the list with a production of 38.44 Mt in 2023. This multinational is known for its focus on innovation and sustainability, investing in green steel production and technologies that seek to minimize environmental impact.
8. Jianlong Group
Another major player in China, Jianlong Group, ranks eighth with a steel production of 36.99 Mt in 2023.
9. Shougang Group
Shougang Group, based in China, produced 33.58 Mt of steel in 2023, maintaining its ninth position in the world ranking.
The company also has operations on the Pacific coast of Peru. It has operated since 1992 the Marcona Mine in the Marcona District, an open-pit iron ore mine acquired.
10. Tata Steel Group
The Indian conglomerate Tata Steel Group closes the top 10 with a production of 29.50 Mt in 2023. Tata Steel has been a leader in adopting sustainable practices in the industry and was an early adopter of green steel.
Steel production is dominated by Chinese companies, which occupy six of the top ten positions, reflecting the Asian giant’s influence in the global industry. However, companies from Japan, Luxembourg, South Korea and India also play a crucial role.
Thinking of applying for a loan? Learn about the most common requirements before starting the process
