The Luxembourg-based steel maker ArcelorMittal reported 2019 revenue streams of about 71 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 1.9 billion metric tons of crude steel was produced globally in 2019. In the previous year, worldwide consumption of steel scrap came to around 470 million metric tons.

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