1. China
Production: 803.8 million tonnes
Steel is yet another product that China excels in. It accounts for approximately 50% of the total steel production in the world and hence is number one on our list of 8 countries that produce the most steel in the world. China’s steel production blew up into the gargantuan industry it is today in the last 15 years since the nation needed the alloy not only for its own use but also to keep its exports growing at a steady rate. However, the growing dilemma of excess capacity in China’s steel industry is a source of distress for other countries. The world is of the view that it is producing much more steel that the existing demand and most of this excess capacity is due to the fact that China refuses to reduce its production, in order to keep its GDP growing at the desired rate and avoid layoffs. Furthermore, China has been charging such low rates for its steel that countries like the UK have been rendered unable to compete, causing indignation in the industry. China has vowed to decrease its production to 150 million by 2020, but only time will tell if it will hold true to this statement.
