Top 10 steel-producing countries
Previously, we looked at the top ten steel-producing companies. In this part, we’ll look at the top ten steel-producing countries. The data are compiled by the World Steel Association based on 2016 tonnage.
China was the world’s largest steel producer last year, with shipments of 808.0 million metric tons. The country accounted for a little under half of global steel production last year. Japan was the second-largest steel producer last year, with shipments of 105.0 million metric tons. India (EPI) was the third-largest, and the United States ranked fourth.
Notably, the United States was once the largest steel producer globally (MT) (NUE). However, the country has long ceded that position (AKS) (X). Over the last few years, China has dominated the global steel markets like no other country did in history. To look at China’s dominance, consider the fact that Japan, which is the second-largest steel producing country, produced only about 13.0% of what China produced last year.
India has consolidated its position among the top steel-producing countries. The country is expected to surpass Japan to become the second-largest steel-producing country. India is investing massively in infrastructure and could be a key driver of global steel production over the next decade. However, the country still has a long way to go to challenge China.
Along with steel production, we should also look at steel consumption. In the next part, we’ll look at the top ten steel-consuming countries.