China’s Dominance in the Global Steel Industry

Over the past 70 years, largest producers in the global steel industry has evolved considerably. Rising from 189 million tons in 1950 to 1.689 billion tons last year. Find an increase of almost 800%.

World crude steel production reached 1,691.2 million tons (Mt) in 2017, up 5.3% compared to 2016. Steel production increased in all regions in 2017 except the CIS, which remained stable (according to current estimates).

Steel is not only one of the most common metal alloys, but it is also one of the most widely used materials, especially in shipbuilding and automobile production, as well as in building construction and infrastructure development.

The largest producers in the global steel industry

Asia had an annual production of 1,162.5 Mt of crude steel in 2017. An increase of 5.4% compared to 2016.

China, with 831.7 million tons, achieved almost the amount of steel produced by the rest of the countries combined.

To put China’s figure in perspective, it was eight times higher than that of Japan, the world’s second-largest producer.

India, in third place, with 101.4 million tons of steel products. It seems to overtake Japan in the not-too-distant future as the nation continues to modernize.

South Korea produced 71.1 million tons of crude steel in 2017, an increase of 3.7% compared to 2016.

„Steel as a product is so versatile and fundamental to our lives that it is considered essential for economic growth. As a result, over the past 50 years, the world has been producing more and more steel, and sometimes more than was actually needed. At the same time, making the product universally accessible and promoting intense competition among its manufacturers.” Edwin Basson, Director General of the World Steel Association.