Steel Industry - Statistics & Facts

Published by I. Wagner, Jul 1, 2019
Since the establishment of steel mills, there have always been times when steel producers were facing an imbalance of supply and demand. Overcapacities in the sector became the new normal when China, the world's largest producer of steel, ramped up production and flooded the markets, including the United States, with cheap steel. Canada is the main source for steel imported into the United States. As a result of weak demand from China's domestic construction sector and an overall decline in GDP growth, the Chinese steel industry encountered its first annual contraction in about 25 years in 2015.

The Luxembourg-based steel maker ArcelorMittal reported 2018 revenue streams of about 76 million U.S. dollars. ArcelorMittal was the world’s largest steel producing company in 2018. U.S.-based Nucor also made the list.

Steel is an alloy which is typically made by combining its main ingredient, iron, and other elements. These additional elements coupled with the right temperature play a crucial role when it comes to changing the metal's properties in terms of strength, toughness, ductility, weldability and durability. The perfect combination of iron and other elements, including manganese, carbon or base metals such as nickel and copper, helps produce the type of steel that is the best fit for a certain need. The most widespread methods to alter the properties of steel include annealing, tempering, quenching and peening, as well as hot or cold rolling. As a material, steel plays an essential role in infrastructure development and building construction, as well as in car manufacturing and shipbuilding. In light of increasing environmental awareness, it has to be emphasized that this ferrous metal is one of the most widely recycled materials worldwide. About 1.7 billion metric tons of crude steel was produced globally in 2017. That year, worldwide consumption of steel scrap came to around 600 million metric tons.

Interesting statistics

In the following 4 chapters, you will quickly find the 18 most important statistics relating to "Steel Industry".

Global steel market

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TOP SELLER

Important key figures

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Manganese Production

Steel Scrap

Interesting Statista reports

Statista Toplist

More interesting topics from the industry "Metals"

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