The World's Biggest Steel Producers, by Country in 2023

The World's Biggest Steel Producers, by Country in 2023

Steel NewsDate: 05-10-2023 by: Ngoc Cam

Steel production is a vital industry in the modern economy, essential for constructing buildings, automobiles, and many other appliances, infrastructure, and beyond. Steel production in each country has its unique challenges and opportunities. Below is the data of the World Steel Association on the world's biggest steel producers by country in 2023.

1. The situation of steel production in the world

According to a recent World Steel Association report, the total global crude steel production in 2022 reached 1,878 million tons, a slight increase compared to 2019 (before the COVID-19 epidemic). However, assessing the growth compared to the post-pandemic recovery of 1,960 million tons in 2021, steel production in 2022 had a significant decrease. The decrease year-on-year in 2021 was 4.2% - the most significant reduction since 2009.

This is the general situation of many of the largest steel producers globally, with a more than 5% decrease. Turkey, Italy, and Taiwan's steel output decreased by double digits. Even the country with the most significant world's ant steel production, China reduced by 19.8 million tons (2%).


2. The World's Biggest Steel Producers in 2022

According to data from the World Steel Association, the top 10 biggest steel producers worldwide, by country, in 2022 were China, India, Japan, the United States, Russia, South Korea, Turkey, Germany, Brazil, and Iran. China leads global steel production with a staggering output of 1.01 billion tons, accounting for 53.9% of the global share. In second place is India, with 124.8 million tons of steel production. Japan ranked third, with a total output of 89.2 million tons, followed by the United States and Russia with 80.5% and 71.5%.

China accounts for almost half of the world's total output, although India and Japan are ranked 2nd and 3rd respectively, but there is still a significant less in comparison. Given the reason for this, developed countries such as Germany and the United States,... focus more on high-grade steels due to differences in production capacity, technological lines, available resources, and market demand.

China has the most significant steel production, but the largest steel mill in the world is called the POSCO Pohang Iron and Steel Company of Korea. With advanced production technology and modern facilities, POSCO's annual steel production capacity is over 30 million tons.


3. Where is Vietnam on the world of steel industry map in 2023

In 2001, the scale of Vietnam's steel industry was microscopic and had no place on the world steel map, along with poor, scattered, and unconnected factories. At that time, the capacity of the largest steel project was only 500,000 tons/year, and crude steel output was no more than 1 million tons. After over 20 years of development, Vietnamese steel has made impressive strides in the world steel market. Vietnam's steel industry is considered to have the most substantial growth rate in the world.


According to WorldSteel, Vietnam ranked 13th in the world and 1st in Southeast Asia in steel production with 20 million tons in 2022, accounting for 1.1% of the world market share. Vietnamese steel has been exported to more than 50 countries and territories worldwide, committed to quality and meeting international standards.

Vietnam has two representatives in the world's top 100 largest steel enterprises, namely Hoa Phat Group and Formosa Ha Tinh. Specifically, Hoa Phat ranked 59th, and Formosa ranked 61st in this list. These are also the only two enterprises in Vietnam that can produce HRC.

In 2020, despite the challenges caused by the COVID-19 pandemic, the steel industry still had a significant growth in exports, up nearly 48%, with export value up 25% compared to 2019. Entering 2023 though there are still many challenges and specific difficulties, Vietnam's steel market still has many promises to explode stronger than before.

The Vietnamese government has been creating opportunities and expanding investment projects in infrastructure such as Hoa Phat Dung Quat Iron and Steel Integrated Complex, Nghi Son Iron and Steel Joint Stock Company, Hung Nghiep Formosa Iron and Steel Integrated Complex... As of 2021, the billet production capacity of domestic enterprises is 27 million tons/year, of which hot-rolled coil (HRC) is 7-8 million tons/year.

The above top of the world's biggest steel producers by country in 2023 gives you an overview of the global steel industry. Vietnam, a developing country belonging to a member of the WTO, has several potential and untapped strengths, promising to become one of the world's largest steel exporters in the near future.