Top 10 largest steel companies in the world 2024
BlogDate: 13-06-2023 by: Ngoc Cam
According to a report by the World Steel Association, in 2021, the total global crude steel production will reach more than 1.95 billion tons, an increase of 3.8% compared to 2020, of which the top 10 largest steel manufacturers contribute more than 27% of production. MRS Steel will update the latest list of the world's top 10 largest steel companies in 2024 in this article!
1. China Baowu Group
China Baowu Steel Group launched in 2016 after restructuring and merging with Wuhan Iron and Steel Group. Baowu is currently the largest steel producer in China and the world with a total output of 119.95 million tons in 2021. China Baowu is one of the world's largest stainless steel manufacturing enterprises, with state capital investment with registered capital of 52.79 billion RMB and an assets scale exceeding 860 billion RMB. The state-owned Baowu Group currently brings in $150.7 billion in revenue and is in the top 50 of the Global 500. In 2025, Baowu plans to produce 200 million tons of crude steel and expand its market share by purchasing other domestic iron and steel companies.
2. ArcelorMittal
With a crude steel output of 79.26 million tons and operations in more than 60 nations, ArcelorMittal is ranked second among the world's top 10 steel companies in 2024. ArcelorMittal is the largest steel producer with crude steel exports to the Americas, Africa, and Europe totaling 37%, 49%, and 14%.
They make both finished and semi-finished steel of high quality. Its main products are straight, long, and tubular steels used in various industries like automotive, engineering, construction, equipment, and machines.
3. Ansteel Group
According to the World Steel 2021 report, Ansteel Group is the second Chinese steel producer in the top 10 of the world's largest steel producers. With a total crude steel output of 55.65 million tons, it rose from the 7th position to No. 3. It was Founded in 1997 and headquartered in Anshan, Northeast China, and the company will have operating revenue of more than 30 billion USD in 2021. Ansteel's long-term development plan comes in 2025 to set an annual output of crude steel and other products of 79 million tons, operating profit of $46.3 billion.
4. Nippon Steel Corporation
Nippon Steel Corporation is the largest steel producer in Japan with more than 50,000 employees and produced 49.22 MMT in 2018. Most of Nippon's products are a wide range of high-quality stainless steel, including steel plates, bars, and rolled steel, which have numerous important uses in life. With a total output of up to 49.46 million tons in 2021, Nippon Group is ranked fourth among the world's largest crude steel producers.
5. Shagang Group
Jiangsu Shagang Group is China's largest private steel manufacturing enterprise, headquartered in Jiangsu province with a total capital of 150 billion RMB and more than 30,000 employees. Jiangsu Shagang's 2021 steel production capacity reaches 44.23 million tons, ranking fifth in the world's largest total crude steel output.
Wide gauge steel plate, hot rolled strip coil, large bundle steel bar, ribbed steel bar, round steel, and other products from the Jiangsu Shagang brand are currently available in more than 40 countries in Asia, Africa, the United States, and many other regions.
6. Pohang Iron and Steel Company (POSCO)
POSCO was established on April 1, 1968, as the first integrated steel plant in Korea, contributing to the strong industrialization of the country. According to the World Steel Association report, POSCO has developed into a global steel enterprise, distributed to more than 53 countries, with crude steel production capacity ranked 6th globally with 42.96 million tons. POSCO currently operates two steel mills in Korea and works with US Steel in California to produce steel products like electric, cold-rolled, sheet, and stainless steel. Only in July-September 2021, POSCO's profit reached 3110 billion won (2.6 billion USD), up 14.26% over the same period last year.
7. HBIS Group
China's state-owned steel producer HBIS takes 7th place on the list of the world's largest steel companies in 2021 with crude steel output reaching 41.64 million tonnes. HBIS is China's largest supplier of household appliance steel and the second largest in automotive, marine engineering, bridge, and construction steel. With a business network covering 110 countries and regions worldwide, HBIS is considered China's most internationalized steel company. HBIS also entered the top 500 Forbes Global for 11 consecutive years.
8. Jianlong Group
Another privately owned Chinese enterprise in the top 10 of the world's largest steel producers is Jianlong Group with a crude steel production capacity of 36.71 million tons in 2021. Headquartered Jianlong in Beijing, pioneering the application of comprehensive Vanadium technology for BF V-Ti iron smelting, Converter V extraction technology, V2O5 extraction from residues, V-Ti ribbon rod rolling, V-micro alloy, and continuous casting continue and roll into production.
9. Shougang Group
Shougang Group was established in 1919, headquartered in Beijing with crude steel output in 2021 reaching 36.71 million tons. Shougang's main market is widely distributed worldwide, including the United States, Europe, the Middle East, Southeast Asia, Africa, and South America, with an annual export volume of over 400,000 tons. In 2021, foreign trade business volume increased by 200%, with 1.1 billion foreign trade service orders.
10. Tata Steel Group
Established in 1868, Tata Group has over 100 subsidiaries with annual revenue exceeding 70 billion USD. As of 2018, Tata Steel is India's largest steel producer with nearly 75,000 employees across 5 continents. According to a report from the World Steel Association, Tata has entered the world's top 10 largest steel-producing countries with a capacity of 30.59 million tons.
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