Steel has been a crucial building block for human civilization, shaping our modern world with its versatility and strength. Today, the global steel industry is a massive network of companies vying to meet the growing demands of infrastructure, construction, automotive, and many other sectors. In this article, we will delve into the top 10 steel companies in the world, exploring their history, achievements, and contributions to the industry. Let’s dive in and witness the giants of steel!
The parameters due to which these companies are among the largest include their size, scale, and efficiency. These companies have invested heavily in technology and innovation to improve their processes and reduce costs. They have also expanded their operations globally to take advantage of new markets and opportunities.
Top 10 Best Home Insurance for Appliances
Steel Titans: The Top 10 Companies Ruling the Global Industry
The steel industry is a global industry that produces over 1.8 billion tons of crude steel annually. The industry is highly competitive and fragmented, with many players operating in different regions of the world. The steel industry is also one of the most energy-intensive industries, accounting for about 7% of global greenhouse gas emissions. Here are the top 10 largest steel companies in the world according to their annual production in millions of metric tons:
1. ArcelorMittal (Luxembourg) with an annual steel production of 96.5 million tons
ArcelorMittal is the world’s leading steel and mining company. It has a presence in 60 countries and an industrial footprint in 18 countries. The company has a total steel production capacity of 114 million tonnes. ArcelorMittal is committed to reducing its carbon footprint and has set a target to reduce its carbon emissions by 30% by 2030. The company has partnered with JMAG, a very advanced software modeling tool for electrical machines developed by Japan’s JSOL Corporation, to create more efficient and compact motors.
ArcelorMittal also utilizes new models and analytics to review waste heat at its industrial sites as well as potential solutions to recover this lost energy. Recently, ArcelorMittal and John Cockerill announced plans to construct the world’s first industrial-scale low-temperature, iron electrolysis plant.
Also, read: Top 10 Cyber Insurance Companies in the World in 2024
2. China Baowu Group (China) with an annual steel production of 67.5 million tons
China Baowu Steel Group is the largest iron and steel company in the world. As China fast-tracked the consolidation of its steel industry in 2021, the state-owned Baowu brought in $150.7 billion in revenue, breaking into the top 50 of the Global 500 for the first time. Baowu plans to produce 200 million metric tons of crude steel by 2025. The company has a presence in 60 countries and an industrial footprint in 18 countries. Baowu was the largest steelmaker globally for the second year in a row, according to the World Steel Association, with crude steel output jumping 4.35% to 120 million metric tons in 2021. As China limits its crude steel output as part of a plan to curb carbon emissions, Baowu has pledged to reduce its carbon output by 30% by 2035 and achieve carbon neutrality by 2050.
In November 2023, Baowu established a global alliance with more than 60 other steelmakers to address cutting emissions in the industry. Recently, Baowu rolled out a roadmap to reduce carbon emissions per metric ton of crude steel by 30% from 2020 to 2035 and achieve carbon neutrality by 2050. To achieve carbon neutrality for the entire steel industry, giant steelmakers like Baowu would still focus on the blast furnace and converter routes, while smaller mills, especially long steel makers, were expected to gradually shift to electric arc furnaces through capacity swaps. Baowu has also showcased 10 products for application in various industries, including construction steel used to build the most durable bridges and high-speed railways, ultra-thin (0.02 mm) steel, and steel designed to meet high environmental standards with high efficiency.
Also, read: Top 10 World’s Sustainable Fashion Companies in 2024
3. Nippon Steel Corporation (Japan), with an annual steel production of 49.3 million tons
Nippon Steel Corporation is the world’s second-largest steelmaker by volume. The company has a presence in 60 countries and an industrial footprint in 18 countries. Nippon Steel is committed to reducing its carbon footprint and has set a target to reduce its carbon emissions by 30% by 2030. The company has partnered with JMAG, a very advanced software modeling tool for electrical machines developed by Japan’s JSOL Corporation, to create more efficient and compact motors. Nippon Steel also utilizes new models and analytics to review waste heat at its industrial sites as well as potential solutions to recover this lost energy.
Recently, Nippon Steel announced plans to develop a large-scale electric arc furnace and expand the use of hydrogen in steelmaking in the coming years as part of the company’s “Carbon Neutral Vision 2050” project, which aims to achieve decarbonization. As a part of actions toward improving the manufacturing capacity and quality of electrical steel sheets, Nippon Steel has decided to newly expand its electrical steel sheet facilities in the Setouchi Works Hirohata, along with the measures previously announced for the Setouchi Works Hirohata and Kyushu Works Yawata.
Also, read: Top 10 Biggest Companies in the World
4. HBIS Group (China), with an annual steel production of 46.9 million tons
HBIS Group is one of the world’s largest steelmakers and is owned by the Chinese government. The company has a presence in 60 countries and an industrial footprint in 18 countries. HBIS Group has signed a Memorandum of Understanding (MoU) with BHP, one of the world’s largest mining companies, to jointly study and explore greenhouse gas emissions reduction technologies and pathways.
The partnership aims to help both companies progress toward their climate change goals and support the steel industry’s role in helping to achieve China’s ambitions to be carbon neutral by 2060. HBIS Group has been rated ‘BBB+’ by Fitch Ratings.
Also, read: Top 10 Biggest Mining Companies in 2024
5. POSCO (South Korea), with an annual steel production of 38.64 million tons
POSCO is one of the world’s leading steel-makers and is headquartered in Pohang, South Korea. The company has a significant carbon footprint and currently enjoys significant free allowances under Korea’s emissions trading scheme. It acknowledges that these allowances will reduce over time and costs will increase. With significant ambitions for carbon neutrality in its steel production, it is concerning that there appears to be no reflection of these ambitions in the financials or even in the narrative reporting in the 20-F2.
POSCO has a total steel production capacity of 42 million metric tons. The company has signed a Memorandum of Understanding (MoU) with BHP, one of the world’s largest mining companies, to jointly study and explore greenhouse gas emissions reduction technologies and pathways. The partnership aims to help both companies progress toward their climate change goals and support the steel industry’s role in helping to achieve China’s ambitions to be carbon neutral by 2060.
Also, read: Top 10 Biggest Shipping Companies in 2024
6. Ansteel Group (China) with an annual steel production of 55.65 million tons
Ansteel Group is a Chinese state-owned steel producer under the control of the State-owned Assets Supervision and Administration Commission of the State Council. It originated from Anshan Iron and Steel Group Corporation, which merged with Pangang Group Co., Ltd. in May 2010. Ansteel has an annual steel-producing capacity of 39 million metric tons and can produce 20 million metric tons per year.
Ansteel Group Corporation Limited is planning a “strategic restructuring” of regional rival Ben Gang Group, a filing showed on Thursday, in a sign that the government is seeking to step up consolidation of its mammoth steel sector. In a five-year economic blueprint published in March, the Liaoning government proposed a joint restructuring of the two companies to make a “world-class steel firm”. Ansteel Group and Ben Gang Group have started the process of merging their businesses to create the world’s third-largest crude steel producer.
Also, read: Top 10 Biggest Silver Mining Companies in 2024
7. Jiangsu Shagang Group (China) with an annual steel production of 41.45 million tons
Jiangsu Shagang Group is a Chinese steel producer and the largest private steel producer in China. The company has a total production capacity of crude steel of 76 million tonnes at end-2020. The company maintains a utilization rate of over 95%, which is significantly higher than the industry average of around 80%. This, as well as economies of scale and efficient cost management, contribute to Shagang’s positions on the first and second quartile of the global steel cost curve, according to CRU.
The company has been awarded the honors of the titles such as “Nationwide Customer Satisfaction Enterprise”, “China Grade AAA Enterprise for Quality, Service and Reputation”, “China’s Enterprise Brand of Quality and Sincerity”, “National Innovation-oriented Enterprise”, “Model Unit for Environmental Protection in China”, “New High-Tech Enterprise of Jiangsu Province”, “Circular Economy Construction Model Unit of Jiangsu Province”, “Information Technology and Industrialization Merged Model Enterprise of Jiangsu Province”.
Also, read: Top 10 Biggest Technology Companies in 2024
8. Hesteel Group (China), with an annual steel production of 41 million tons.
Hesteel Group is a Chinese iron and steel manufacturing conglomerate, also known as Hesteel Group or its pinyin short name, Hegang. The company was also known as Hebei Iron and Steel Group Co., Ltd. or HBIS, until 2016. Hesteel Group is the second-largest steel producer in the world, measured by crude steel output (after European-Indian conglomerate ArcelorMittal) in 2015. The company has an annual steel production capacity of 39 million metric tons. Hesteel Group Company Limited is a Chinese iron and steel manufacturing conglomerate, also known as Hesteel Group or its pinyin short name, Hegang. The company was also known as Hebei Iron and Steel Group Co., Ltd. or HBIS until 2016.
The company has a total production capacity of crude steel of 76 million tonnes at end-2020. Hesteel Group maintains a utilization rate of over 95%, which is significantly higher than the industry average of around 80%. This, as well as economies of scale and efficient cost management, contribute to Shagang’s positions on the first and second quartile of the global steel cost curve, according to CRU. Hesteel Group Company Limited is planning a “strategic restructuring” of regional rival Ben Gang Group, a filing showed on Thursday, in a sign that the government is seeking to step up consolidation of its mammoth steel sector. In a five-year economic blueprint published in March, the Liaoning government proposed a joint restructuring of the two companies to make a “world-class steel firm”. Ansteel Group and Ben Gang Group have started the process of merging their businesses to create the world’s third-largest crude steel producer.
Also, read: Top 10 Most Profitable Companies in the World in 2024
9. Tata Steel Limited (India) with an annual steel production of 30.18 million tons
Tata Steel Limited is an Indian multinational steel-making company based in Jamshedpur, Jharkhand, and is a subsidiary of the Tata Group. The company is among the top global steel companies, with an annual crude steel capacity of 34 million tonnes per annum. The company has a strong presence in the Asia-Pacific region, Europe, North America, and South America. Tata Steel has been awarded the titles such as “Nationwide Customer Satisfaction Enterprise”, “China Grade AAA Enterprise for Quality, Service and Reputation”, “China’s Enterprise Brand of Quality and Sincerity”, “National Innovation-oriented Enterprise”, “Model Unit for Environmental Protection in China,” “New High-Tech Enterprise of Jiangsu Province”, “Circular Economy Construction Model Unit of Jiangsu Province”, “Information Technology and Industrialization Merged Model Enterprise of Jiangsu Province.”.
During FY 2021-22, the Company achieved the highest ever consolidated EBITDA of ₹63,830 crore, a growth of 107%, translating into an EBITDA per tonne of ₹21,626 and a healthy EBITDA margin of 26%. Tata Steel recognizes that while honesty and integrity are essential ingredients of a strong and stable enterprise, profitability provides the main spark for economic activity. Overall, the Company seeks to scale the heights of excellence in all it does in an atmosphere free from fear and thereby reaffirms its faith in democratic values.
Also, read: Top 10 Side Hustles for the Entrepreneurial American in 2024
10. Shandong Iron and Steel Group Co., Ltd. (China) with an annual steel production of 29.42 million tons
Shandong Iron and Steel Group Co., Ltd. is a Chinese state-owned steel producer under the control of the State-owned Assets Supervision and Administration Commission of the State Council. Shandong Iron and Steel Group Co., Ltd. is a large-scale modern iron and steel enterprise integrating sintering, iron-making, steel-making, continuous casting, steel rolling, and metal products production processes. The company has more than 300 employees. Company has an annual steel production capacity of 30 million tonnes. The company has obtained ISO9001:2015 certification, and some products have obtained SGS environmental testing reports, which is in line with the European Union ROHS standard.
Shandong Iron & Steel Group Co Ltd is planning to build a new steel plant in the eastern Chinese province of Shandong with an annual capacity of 10 million tonnes. The company has been awarded the titles such as “Nationwide Customer Satisfaction Enterprise”, “China Grade AAA Enterprise for Quality, Service and Reputation”, “China’s Enterprise Brand of Quality and Sincerity”, “National Innovation-oriented Enterprise”, “Model Unit for Environmental Protection in China”, “New High-Tech Enterprise of Jiangsu Province”, “Circular Economy Construction Model Unit of Jiangsu Province”, “Information Technology and Industrialization Merged Model Enterprise of Jiangsu Province”.
Also, read: Top 10 AI Tools for Business Growth in 2024
FAQs on Steel Companies
Q: What is crude steel?
Crude steel is raw or unrefined steel that has not been processed or finished.
Q: What is the difference between volume and turnover?
Volume refers to the amount or quantity produced, while turnover refers to the amount or value sold.
Q: Which company produces the highest amount of steel globally?
ArcelorMittal is the world’s largest steel producer, with an annual production capacity of over 96.5 million metric tonnes.
Also, read: Top 10 Jeans Brands in the World
Q: Are there any eco-friendly steel companies?
Yes, Nippon Steel Corporation and POSCO are known for their environmentally friendly practices and sustainability initiatives.
Q: How significant is China’s role in the global steel industry?
China plays a critical role in the steel industry, with companies like Baowu Steel Group and HBIS Group being major global players.
Q: What makes Tata Steel stand out among the top 10 companies?
Tata Steel’s focus on sustainability and corporate social responsibility sets them apart in the competitive steel market.
Also, read: Top 10 Effective Strategies for Building a Strong Brand Reputation
Q: How does technological innovation impact the steel industry?
Technological innovation, embraced by companies like JFE Holdings and Hyundai Steel Company, drives product development and improves overall efficiency.
Conclusion
The top 10 steel companies in the world are the backbone of the global steel industry, shaping the world’s infrastructure and fueling economic growth. Each of these companies brings its own unique strengths and innovations to the table, driving the industry forward. From eco-friendly practices to technological advancements, they all play a vital role in meeting the world’s steel demands sustainably. As we look to the future, these companies will continue to influence and shape the world’s steel landscape, leaving their mark on history. These companies are ranked based on their volume of steel production in millions of tonnes and include all steelmakers with production over 10 million in 2024. The World Steel Association compiles a list of its members every year. Due to mergers, year-to-year figures for some producers are not comparable. Not all steel is the same; some steel is more valuable than other steel, so volume is not the same as turnover.
English