Overview of the World's Steel Industry

Overview of the World's Steel Industry

Steel production is an indicator of the state of economic development. Steel is a vital input for infrastructure.As per the IISI The total steel production in the world in 2007 stood at 1.3billion metric tons.

In 2007, China was the world’s largest Steel producer with 489million metric tons of steel production . Japan was the second largest steel producer with 112.5million metric tons of steel produced. USA ranked third with a steel production of 97.2million metric tons.

Steel production is cyclic in nature and economic growth creates deamnd for steel. With growing demand, steel production rises. When the economy enters in to recession, steel production also goes down. ArcelorMittal is the world's largest steel producer.

Steel is also traded as a commodity on the London Metal Exchange.

The International Iron and Steel Institute(IISI) has compiled a list of the largest steel-producing companies in the world .

Company :ArcelorMittal
Production in million Tons: 116.4
Geographical Footprint : Global

Company : Nippon Steel
Production in million Tons: 35.7
Geographical Footprint : Japan

Company : JFE
Production in million Tons : 34
Geographical Footprint : Japan

Company : POSCO
Production in million Tons:31.1
Geographical Footprint : South Korea

Company : Shanghai Baosteel Group Corporation
Production in million Tons: 28.6
Geographical Footprint : China

Company : Tata Steel
Production in million Tons: 26.6
Geographical Footprint : Global

Company : LiaoNing An-Ben Iron and Steel Group
Production in million Tons:23.6
Geographical Footprint : China

Company : Shagang Group
Production in million Tons: 22.9
Geographical Footprint : China

Company : HeBei Tangshan Iron & Steel Group
Production in million Tons: 22.89
Geographical Footprint : China

Company : United States Steel Corporation
Production in million Tons: 21.5
Geographical Footprint : United States