Steel Titans: Who’s Up and Who’s ‘Melting Down’?
According to the World Steel Association (worldsteel), one of the leading providers of steel market information, the China Baowu Group was the largest steelmaker group in 2024, with production remaining stable on the year.
In its June 5 report, titled “2025 World Steel in Figures,” worldsteel stated that the Shanghai-headquartered company poured just over 130 million metric tons in 2024, compared with almost 131 million tons in 2023. The report focused specifically on companies producing over 3 million metric tons to determine a ranking of global steel market leaders.
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ArcelorMIttal and Nippon Benefited from Steel Market Assets
ArcelorMittal was 2024’s second-largest producer, even though its volumes were half that of China Baowu. Altogether, ArcelorMittal poured 65 million metric tons, down 5.13% from more than 68.5 million metric tons in 2023. That volume also includes the Mumbai-headquartered AM/NS India joint venture between Arcelor Mittal and Nippon Steel, in which ArcelorMittal holds a 60% stake. Meanwhile, the firm also has steelmaking assets in Europe, the Americas and Africa.
Nippon Steel’s 2024 volumes also remained stable year on year at 43 million metric tons, allowing the company to retain its fourth-place position in the global steel market. Also adding to the Tokyo-headquartered group’s total crude production was Nippon Steel Stainless Steel Corporation, Sanyo Special Steel, Ovako, a 40% stake in AM/NS India and a 22% stake in Brazilian steelmaking group Usiminas.
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Tata Holds Steady, Korean and Vietnamese Firms Drop
Meanwhile, South Korea’s Posco Holdings slipped to seventh place from eighth after pouring 37.8 million metric tons in 2024, a 1.7% decline from 38.4 million metric tons in 2023. Worldsteel noted that Hyundai Steel rose to 21st place from 18th, though its crude production fell 4.57% to 18.4 million metric tons from 19.2 million metric tons.
Dongkuk Steel, which has its headquarters in the South Korean capital of Seoul, fell to 102nd place from 97th. Overall, its crude production dropped 16.2% to an estimated 3.1 million metric tons.
In Southeast Asia, Vietnam’s Hoa Phat Steel rose to 49th place from 62nd. That firm’s steel production rose 30% to 8.71 million metric tons from 6.71 million metric tons.
On the subcontinent, India’s Tata Steel managed to maintain its 10th place spot amongst producers thanks to a 5.15% increase in production. This put the firm’s 2024 output at 31 million metric tons from 29.5 million metric tons. Tata’s compatriot JSW Steel, which has its headquarters in Mumbai, saw a 3.05% year-on-year increase to 26.9 million metric tons from 26.2 million metric tons, allowing it to retain its spot at number 12.
Germany Ups Total Output by Over 5%
In Europe, Thyssen Krupp Steel, Germany’s largest standalone steelmaker, maintained 42nd place. Worldsteel reports that the firm produced 10.3 million metric tons of crude in 2024, down less than 1% from about 10.4 million tons in 2023.
Salzgitter Group, which is located in Lower Saxony, rose to 61st place from 69th. That company reported a 12% increase in its crude production from 5.71 to 6.39 million metric tons. Germany is Europe’s largest steelmaking nation. In total, the country poured 37.2 million metric tons in 2024, a 5.2% increase from the 35.4 million metric tons poured in the previous year.
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European and African Steel Markets
Even with the war still raging, Ukrainian metals and mining group Metinvest moved up 18 spots to 92nd place. The total amount of crude steel poured from its operating sites rose 8.58% to 3.54 from 3.26 million metric tons.
In Turkey, Tosyali Holding rose 21 places to become the 46th largest producer. Its 2024 steel production was almost 55% higher than the year beforeat 9.12 million metric tons. Meanwhile, Erdemir Group rose to 50th place from 55th. That firm’s crude production rose 18.94% to 8.54 million metric tons from 7.18 million metric tons.
Further south, Egypt’s Ezz Steel sealed its place as Africa’s largest steelmaker with a 3.4% increase to 6.38 million metric tons from 6.17 million metric tons. In terms of the global steel market, the longs and flats producer also saw its ranking move up two places to 62nd.
The Americas
In the United States, flagship steelmaker US Steel rose five places in the rankings, settling at 29th. Despite this, the Pittsburgh-headquartered company saw its crude production fall almost 10% to 14.2 million metric tons from 15.8 million metric tons.
Nucor actually produced the most steel in the United States at 20.7 million metric tons. Worldsteel noted that this allowed the company to ascend a single spot, from 16th to 15th. Nevertheless, the firm’s output saw a 2.35% drop.
Cleveland Cliffs moved from 23rd to 22nd, pouring an estimated 16.4 million metric tons. That firm’s total volume dropped 5.03% from 2023’s 17.3 million metric tons.
Meanwhile, Argentina’s Techint took the top spot in South America, producing 14.2 million metric tons. This represented a decline of 3.57% from 14.8 million metric tons, but the firm managed to retain its place at 28th.
Brazilian steelmaker Gerdau gained two places to 33rd, with output remaining basically unchanged at 12.7 million metric tons. Brazil is traditionally considered South America’s largest steelmaking nation. Worldsteel reported that the country produced 33.7 million metric tons of steel in 2024, an increase of 5.3% year on year.
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