Steel industry - Statistics & Facts

The Covid-19 pandemic did not contribute to a noticeable slump in production. The world crude steel production amounted to just under two billion metric tons in 2021, a four percent increase compared to 2020. However, the Russian invasion of Ukraine, the global spike in energy prices, and ongoing supply and demand imbalances caused some troubles in the operations of the worldwide steel industry. In detail, Monthly crude steel production in 2022 fluctuated due to mentioned problems that countries have been facing, with dips recorded between February and June of that year in the major producing countries. China, the world’s largest steel producer, recorded a 30 percent drop in six months between May and June 2022. Nevertheless, after an increase reported in November 2022, projections for 2023 became more optimistic. Crude steel demand worldwide is forecasted to rise by around 44 million metric tons.

China is the global steel market leader

China was the leader of the steel export market in 2021, dwarfing all other countries by over 66 million metric tons. Overcapacities in the sector became the new normal when China, the world's largest steel producer, ramped up production and flooded the markets, including the United States, with cheap steel. The China-based steel maker Baowu Group was the world’s largest crude steel producer in 2021, with an output of almost 120 million metric tons of crude steel. It was followed closely by the Luxembourg-based ArcelorMittal, with over 79 million metric tons of products. Reporting revenues of nearly 136 billion U.S. dollars, the Baowu Group had made over 59 billion more than its main competitor. Meanwhile, Japan was the second largest steel exporter, with 33.8 million metric tons of exports. That year, the Japanese Nippon Steel Corporation was the fourth biggest steel producer in the world, manufacturing just under 50 million metric tons of crude steel.

Diverse uses for a widely-recycled alloy

More than half of the steel end-usage worldwide was in the building and infrastructure sector in 2021, with mechanical equipment and the automotive industry ranking second and third. Steel is an alloy 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, flexibility, 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 best fits a particular need. In light of increasing environmental awareness, it has to be emphasized that this ferrous metal is one of the most widely recycled materials worldwide. In 2021, worldwide consumption of steel scrap came to almost 503.5 million metric tons.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Aug 31, 2023

Key insights

World crude steel production
1.88bn mt
Global stainless steel production (in metric tons)
58.3m
2022 projected global crude steel output (in metric tons)
2bn
Get more insights

Company Insights Top 100 metals & electronics companies

Add-On
Top 100 metals & electronics companies
View complete top 100 ranking

Editor’s Picks Current statistics on this topic

Forecasted hot-rolled coil (HRC) steel benchmark price worldwide for 2023 (in U.S. dollars per metric ton)

Metals

Forecasted world HRC benchmark steel price for 2023

Reserves of iron ore worldwide in 2022, by country (in million metric tons)

Base Metals

Global iron ore reserves 2022, by top country

The world's largest steel companies as of March 2021, based on sales (in billion U.S. dollars)

Primary Metals

Revenue of the world's largest steel companies 2021

Related topics

Recommended

3

Recommended statistics

Overview

7

Overview

Trade

6

Trade

Segments

4

Segments

Companies

7

Companies

Special focus on steel scrap

6

Special focus on steel scrap

Further reportsGet the best reports to understand your industry

Contact

Get in touch with us. We are happy to help.
Statista Locations
Contact Meredith Alda
Meredith Alda
Sales Manager– Contact (United States)
Email
support@statista.com

Mon - Fri, 9am - 6pm (EST)

Contact Yolanda Mega
Yolanda Mega
Operations Manager– Contact (Asia)
Email
asia.support@statista.com

Mon - Fri, 9am - 5pm (SGT)

Contact Kisara Mizuno
Kisara Mizuno
Senior Business Development Manager– Contact (Asia)
Email
support.japan@statista.com

Mon - Fri, 10:00am - 6:00pm (JST)

Contact Lodovica Biagi
Lodovica Biagi
Director of Operations– Contact (Europe)
Email
eu.support@statista.com

Mon - Fri, 9:30am - 5pm (GMT)

Contact Carolina Dulin
Carolina Dulin
Group Director - LATAM– Contact (Latin America)
Email
latam@statista.com

Mon - Fri, 9am - 6pm (EST)

Menu