As we saw in 2023, instability persisted in the steel market. Economic uncertainties and slowing manufacturing activity weighed on steel pricing and demand to varied degrees throughout the year. Now in 2024, we're all attempting to figure out which market dynamics will continue to affect the steel sector in the future year.

World crude steel production for the 71 countries reporting to the World Steel Association (world steel) was 148.1 million tonnes (Mt) in January 2024, a 1.6% decrease compared to January 2023.

Below is a list of the world's top 10 steelmaking countries and companies and their annual output, according to 2024 and 2022 data from the World Steel Association respectively.

Top 10 Steel-producing Countries

China is expected to produce 77.2 Mt in January 2024, down 6.9% from January 2023. India produced 12.5 Mt, up 7.3%. Japan produced 7.3 Mt, up 0.6%. The US produced 6.8 Mt, down 0.3%. Russia is expected to have produced 6.2 Mt, up 1.2%. South Korea produced 5.7 Mt, up 1.5%. Turkey produced 3.2 Mt, up 24.7%. Germany is expected to have produced 2.9 Mt, down 0.9%. Iran produced 2.6 Mt, up 39.3%. Brazil is anticipated to have produced 2.5 million tonnes, a 7.2% decrease.

Top 10 Steel Making companies in the world

1) China Baowu Group

Baowu, the world's largest steelmaker, is headquartered in Shanghai, China. The company produces a variety of steel plates, including hot rolled steel, cold rolled steel, and steel wires.

Last year, production totalled 131.84 million metric tons.

It is also investing in iron ore mines, collaborating with global mining giant Rio Tinto's Guinea unit on the massive Simandou project.

2) Arcelor Mittal

Based in Luxembourg, ArcelorMittal In 2006, Arcelor and Mittal Steel, two steel corporations, merged to establish ArcelorMittal. The company's main office is situated in Luxembourg's Avenue de la Liberté. The organization has operations in more than 60 countries, which is another intriguing information about it. Arcelor & Mittal serves a variety of industries with its steel product line, including automotive, construction, energy, packaging, transport, and so on. ArcelorMittal was the second-largest producer of steel in 2022 with 68.89 million tons produced.

3) Ansteel Group

Anteel Group was founded in 2010 with the merger of Anshan Iron and Steel Group Corporation. The company offers a wide range of steel products, including hot rolled coils, cold rolled sheets, galvanized sheets, color coated sheets, stainless steel, and more. in total, the corporation has seven production bases throughout China. Ansteel produced 55.65 million tons of crude steel in 2022, making it the country's leading provider of the metal for railways and shipping.

4) Nippon Steel Corporation

Nippon Steel Corporation (5401.T) is Japan's largest steel-making corporation, and it is currently the world's fourth-largest, manufacturing 44.37 million tons last year. The corporation operates in more than 15 countries around the world, with its headquarters in Tokyo. Nippon Steel Corporation also provides a wide range of products. The company's product line includes steel plates, steel sheets, steel pipes and tubes, bars, structural steel, stainless steel, and so on. The company serves a wide range of industries, including rail, automotive, infrastructure, consumer electronics, and energy.

The acquisition of U.S. Steel will increase its crude steel capacity by 20 million metric tons to 66 million tons, making it a larger supplier to the US auto sector. In 2022, US steel mills produced 14.49 million tons of basic steel.

5) Shagang Group

Shagang, China's largest privately owned steelmaker, will produce 41.45 million tons of crude steel in 2022. The head office is in Zhangjiagang (Suzhou), China. The corporation has five production facilities distributed throughout the country. Shaganag Group exports to around 100 countries using an integrated manufacturing process.

6) HBIS Group

China's state-owned HBIS group, headquartered in Shijiazhuang, Hebei, produced 41 million tons of crude steel in 2022 and is China's largest home appliance steelmaker and second-largest producer of automotive steel products. The company sells steel wire rods, cold-rolled plates, hot-rolled sheets, bars, galvanized steel, steel pipes, and other steel goods.

7) POSCO Holdings

In 2022, South Korea's POSCO Holdings produced 38.64 million tons of crude steel. It is the largest steel producer in South Korea. The company sells a variety of steel goods, including hot and cold rolled steel, silicon steel sheets, stainless steel, and more. These goods are utilized in a range of industries, including automotive, shipbuilding, household appliances, engineering, and industrial manufacturing.

8) JianLong Group

In 2022, China's privately held Jianlong Group produced 36.56 million tons of crude steel. Beijing Jianlong Heavy Industry Group Co., Ltd. is another Chinese steelmaker that has made it into the top ten list of steel companies in the world. The company manufactures a variety of steel goods, including special steel, steel plates, steel tubes, sectional steel products, and so on.

9) Shougang Group

China's state-owned Shougang Group has nine production centres around the country and will produce 33.82 million tons of crude steel in 2022. It is also a significant supplier of auto plates to leading automakers such as BMW and Mercedes-Benz. It is one of China's earliest steel businesses, established in 1919. The company's diverse product line includes construction materials, household goods, and so on. Furthermore, the organisation prioritizes quality management and has been issued an ISO 9001:2000 certificate.

10) Tata Steel

In 2022, India's Tata Steel produced 30.18 million tons of crude steel. It is one of Europe's largest steelmakers, with sites in the United Kingdom and the Netherlands. Tata Steel was founded in 1907 and has been India's top steel business ever since. Tata Steel currently operates in more than 25 countries. The company's largest factory is in Jamshedpur, Jharkhand. Tata Steel's Kalinganagar factory is part of the World Economic Forum's Global Lighthouse Network for the implementation of Industry 4.0 technology.

A comprehensive list of the top 50 steel makers in the world includes these Indian enterprises, which are JSW Steel Limited, Steel Authority of India Ltd. (SAIL), and Jindal Steel and Power Ltd. (JSPL). India's National Steel Policy aspires to make the country the world's largest producer of steel. By 2030, India intends to raise its steel-making capacity to 300 MT from the existing 124.7 MT.