5 Largest Steel Producing Countries in the World

2. India

Total crude steel production in 2021 (in millions of tonnes): 118.2

Total crude steel production in 2020 (in millions of tonnes): 100.3

India is one of only two countries to register steel production exceeding 100 million tonnes in a year. ArcelorMittal, the biggest steel company in India, is also the second largest such company in the world, having produced over 79 million tonnes in 2021. Currently, the industry has seen consolidations among major players and additional investments from outside entities while in October 2021, the Indian government announced guidelines for the approved specialty steel production-linked investment scheme, while the 2022-2023 budget saw over $6 million being allocated to the Ministry of Steel. India is said to have the fifth-highest iron ore reserves in the world, an integral raw material in the steel production process.