“The steel industry remains at the heart of global development,” said the director general of world steel, Edwin Basson. It is a statement of fact because, without steel, civilization would be nonexistent. Bridges would not be there; neither would airplanes and major developmental contributors.
The annual increase worldwide in demand for steel has seen the emergence of many steel producers. The United States alone saw 95 million tonnes of steel produced in 2018. Luckily, iron ore is one of the most abundant elements on earth.
List of the Top 10 Steel Producers
The output from the ten biggest steel producers accounts for approximately 25% of the overall production. Which companies are these?
1. ArcelorMittal Company
ArcelorMittal was established after the merger of Arcelor and Mittal steel companies in 2006. It operates in over 60 countries around the world. Avenue de la Liberte in Luxembourg City serves as the headquarters of this company.
ArcelorMittal is the largest steel manufacturer, producing 10% of the total world’s steel. Its products are used in construction, packaging, automotive and other industries. Their expertise has also been involved in charitable projects around the world, such as the construction of low-cost housing in disadvantaged societies.
Records from the US Senate show that the company spends a lot on lobbying to protect its business interests.
2. Baosteel Group Corporation
The company was founded in 1978. It is one of the steel providers that produce the most amount of steel based on output. Its headquarters are in Pudong in Shanghai, China. Baosteel is a holding company run by the state for companies trading in steel.
As such, BaosteeCompany controls the Chinese steel industry ranking among the largest producers in the world. Baosteel has strengthened its position over time by forming strategic alliances. It is, for instance, a significant supplier to Fiat, which is an automobile making company.
3. Nippon Steel Corporation
Nippon Steel Company was manufactured in association with Nippon Steel and Sumitomo metal in 2012. Annual production was estimated to increase to 37 million tons of steel. This volume of output would make it one of the largest steel producers worldwide.
Nippon Steel Corporation has its headquarters in Chiyoda, Tokyo, Japan. The products they manufacture include titanium, steel plates, and steel sheets.
4. Hesteel Group
Hesteel Group previously called Hebei Iron and Steel Company until June 2016. It was established in June 2008, because of the merger between Handan Iron and Steel Group and Tangshan Iron and Steel Group.
The headquarters are in Shijiazhuang, China. It produces automotive steel, gas cylinder steel, low alloy high strength steel, snap locs, and other products.
5. Posco Company
Posco was the first integrated steel mill in Korea. It was launched in 1968 with the aim of industrialization. Its headquarters are in Pohang, South Korea.
It is conducting production and sales in 53 countries in the world. It has contributed to innovation and technological development to become the most competitive steelmaker in the world. This company is also listed among the top lobbying steel firms in the world.
Posco operates two world’s largest mills in Pohang and Gwangyang. They jointly produce 33.7 million tons of steel annually. Their products include long steel, flat steel and wires, and plates.
6. Jiangsu Shagang
It was founded in 1975, and it has its headquarters in Zhangjiagang, China. The largest private enterprise in China produces approximately 18 million tonnes annually.
Some of its product lines include hot-rolled coils, slabs, and wire rods. Shagang relies on reducing production costs and expenses, increasing profits via innovation, improving their technical level, pushing their brand name, and exploring domestic and foreign markets.
7. Ansteel Group
Ansteel Group is another Chinese state-owned steel making company. It was founded in 2010 and is headquartered in Anshan, Liaoning, China. It has 26 overseas companies and more than 500 local and international clients and partners.
The company produces upscale products which include, steel rope products, stainless steel products, color coated sheets, and flat steel products made of silicon used to build car bodies. The products are used for major projects within and outside the country.
The company has seven bases across the country, each with distinctive characteristics. It enjoys the most resource advantages in China. Its continuous innovation has made it the first steel company with complete technique output capability in China.
8. JFE Steel Corporation
JFE Steel Corporation, formerly known as Kawasaki Steel Corporation was founded in 1950 with its operations based in Tokyo, Japan. It changed its name to JFE in 2003. The company engages in sheets, plates, iron powders, and other products.
The company contributes positively to the environment by developing reduced iron making processes. It also uses innovative technology to satisfy its customers. All its facilities are equipped with high-quality equipment to ensure the production of high-quality steel products.
9. Jianlong Steel Company
It is a privately owned enterprise. It was founded in 1999. The headquarters in Beijing, China. Its location offers its communication advantages.
Jianlong Steel Company grew by focusing on the ability of innovation and starting several Vanadium technologies. The factory also optimized wire technology and developed a series of high-quality products.
It offers rolled steel wires, electrical machinery, flange pipes, and steel round tubes.
10. Shougang Company
Shougang Company was established in 1919 with Beijing, China as its headquarters. The company is an example of companies using new generation recyclable steel manufacturing process in China.
Shougang forms ten high-end product series such as tin plate, auto sheet, and electrical steel. The company serves as the “dream works” of China to become a powerful country in steel manufacturing.
The Impact and Outlook of the Steel Industry
These companies are significantly contributing to total steel production in the world, which is necessary for development. There seems to be no slowdown in demand for steel in the world.
The economies of the countries where these companies operate gain quite handsomely. The industry is worth more than $900 billion, and that figure should rise to above $1 trillion in 5 years. The big steel producers continue to acquire smaller ones to gain more dominance and economies of scale.
Check out our blog for more information.