In this article we are going to list the 5 largest steel producing countries in the world. For a detailed coverage of this topic and a more comprehensive list please take a look at the 15 largest steel producing countries in the world.
5. Russia
Total crude steel production in 2021 (in millions of tonnes): 75.6
Total crude steel production in 2020 (in millions of tonnes): 71.6
According to S&P Global, Russia has taken control of the Black Sea export market which is why prices in the region will mostly denote the Russian market. Russia’s steel production from January to November 2022 decreased 7% from 2021 as producers have decreased their output because of sanctions resulting in a loss in export markets. Currently, Russia is eyeing Asian markets as customers considering most Western companies have cut ties with the nation.
4. United States
Total crude steel production in 2021 (in millions of tonnes): 85.8
Total crude steel production in 2020 (in millions of tonnes): 72.7
While the U.S. is a major steel producer, it lags far behind in this industry as compared to some other countries. The industry provides employment to hundreds of thousands of people directly and over 2 million people overall when accounting for direct, indirect and induced impact. The steel industry in the U.S. accounted for over $520 billion in economic output in 2017.
3. Japan
Total crude steel production in 2021 (in millions of tonnes): 96.3
Total crude steel production in 2020 (in millions of tonnes): 83.2
Japan’s biggest steel company is Nippon Steel Corporation, which is the fourth largest steel company in the world by production and integral in ensuring that Japan is counted among the largest steel producing countries in the world. Japan has registered the fourth-highest increase in steel production among the countries in our list.
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.
1. China
Total crude steel production in 2021 (in millions of tonnes): 1,032.8
Total crude steel production in 2020 (in millions of tonnes): 1,064.7
There is absolutely no competition to China in topping the list of the 15 largest steel producing countries in the world, producing more steel than the other 14 countries combined. China registered a 3% decline in steel production from 2020 to 2021, and there will be an even bigger fall in steel production from 2021 to 2022, mainly because of Covid-19 containing measures implemented by the country which have only recently been implemented. The biggest steel company in the world by production is China Baowu Group while Ansteel Group, another Chinese company, ranks third in the list.
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