The world’s largest steel producers
Not only is steel one of the most common metal alloys, but it is also one of the most extensively applied materials, particularly in shipbuilding and car manufacturing, as well as building construction and infrastructure development. Beginning in 2009, the steel industry has been experiencing challenging years including the upheaval in the U.S. financial markets, slowing construction spending in China in tandem with a glut of Chinese steel, political instability in Russia and Ukraine, as well as the eurozone sovereign debt crisis, which continues to persist with Greece on the verge of a debt default and a possible exit. It is expected that 2021 will see moderate recovery in worldwide steel demand. In 2017, Luxembourg’s ArcelorMitta was ranked as the world’s largest steel producer.
In an effort to save cost and make the energy-thirsty steel industry more environmentally benign, steel scrap is collected from waste streams, wrecked automobiles, dismantled buildings or other industrial sources and is melted into new products. Steel has one of the highest recycling rates among metals.