Iron & Steel Companies

The market for iron & steel market was valued at USD 1,453.4 billion in 2024 and is projected to reach USD 1,707.1 billion by 2030, at a CAGR of 3.1%. Growth in the infrastructure, automotive, construction and manufacturing sectors is fueling iron and steel needs globally! With government spending in infrastructure projects, interpersonal urban transformation and energy transition projects, the demand for sustainable, high strength, corrosion resistant steel and iron solutions is anticipated to grow. The increasing focus on green building products and shifts toward low carbon production methods continue to drive the use of modern iron and steel technologies across all sectors. The results of extensive industrialization in emerging regions, combined with growing use and applications for machinery, appliances, rail and road transport within developed nations are also likely to grow the market opportunities.

Iron & Steel Companies

The demand for iron & steel market is mainly furnished by global players manufacturing for various end-use applications. Some of the leading companies involved in the iron & steel market are ArcelorMittal (Luxembourg), China Baowu Steel group Corporation Limited (China), TATA Steel (India), JSW (India), Nucor Corporation (US), NIPPON STEEL CORPORATION (Japan), Ansteel Group Corporation Limited (China), POSCO (UK), HBIS Group (China), and SAIL (India). These companies, among many other regional players, fulfil the requirements globally for iron & steel.

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ArcelorMittal (Luxembourg) is a dominant force within the global iron and steel economy with a diversified product range including flat, long, and tubular products and vertically integrated with mining operations. The company has considerable ambitions of decarbonizing its supply chain with strategic investments with respect to low-carbon steelmaking technologies. In 2023, ArcelorMittal expanded its electric arc furnace (EAF) capacity at its Spanish and Belgian facilities with the goal of replacing blast furnaces and reducing the utilization of carbon-intensive inputs. Furthermore, it invested substantial funding to implement technologies in hydrogen-based direct excess reduction (DRI) with its “XCarb” innovation fund to develop carbon-neutral steel by 2050. Along the way, the company has made important acquisitions in Eastern Europe and has entered into projects to improve the sustainability of production via renewable energy integration. The company also supplies high strength and/or corrosion-resistant rebar, automotive-grade steel, and general engineering solutions with advanced structural steel products across the globe.

NIPPON STEEL CORPORATION (Japan), Japan's largest steelmaker, has adopted a multifactorial blueprint aimed at technology innovation, emissions reduction, and international footprint. In 2023, Nippon Steel progressed with its hydrogen blast furnace project, "COURSE50" and "Super COURSE50" programs to cut CO2 emissions by 30% or more by the use hydrogen injection and carbon capture technologies. The company is ramping up production of high-grade electrical steel sheets and ultra-high tensile steel for EVs and mobility goods for the burgeoning green economy. Nippon Steel has ramped up its footprint in India and Southeast Asia through alliances and capacity investments. Leveraging its digital transformation agendas, Nippon Steel is implementing AI, IoT, and predictive maintenance technologies across its integrated mills to enhance efficiency, safety, and yield.

TATA Steel (India) is one of the largest producers of steel in the world and has established itself a sustainability and innovation leader in Asia. It is investing in decarbonization and has committed to achieving net-zero carbon emissions by 2045. In 2023 it launched pilot carbon capture units at its Jamshedpur plant and is also working with international clean tech companies to scale hydrogen-based ironmaking. Furthermore, TATA Steel is digitizing its entire production supply chain by leveraging machine learning and process analytics, to improve quantity, quality, and reduce consumption of resources. TATA Steel has been scaling its value-added steel portfolio, namely advanced automotive steel, infrastructure grade rebars, and high-strength flat products. Its capital spend on the downstream, such as the commissioning of Kalinganagar Phase-II will certainly increase crude steel capacity significantly, and support both the domestic and export market demand across South Asia and Europe.

MARKET RANKING:

The global iron and steel market is moderately fragmented, with the top five players ArcelorMittal (Luxembourg), NIPPON STEEL CORPORATION (Japan), TATA Steel (India), JSW (India), and Nucor Corporation (US) collectively accounting for approximately 17–22% of the total market share. These industry leaders maintain strong global positions through diversified product portfolios, vertical integration, and technological advancements in steelmaking. Their focus spans high-strength steel, advanced rebar grades, and low-emission production techniques that cater to evolving end user demands. Despite their dominant positions, a significant portion of the market is composed of numerous regional and mid-sized producers, particularly across Asia, the Middle East, Eastern Europe, and Latin America. This diffusion contributes to persistent fragmentation and price-based competition. The landscape offers opportunities for regional players to specialize in application-specific steel products adapted to local standards, climatic conditions, or regulatory frameworks. As the industry shifts toward green steel, scrap-based production, and sustainable construction solutions, both established firms and new entrants are investing to meet demand. This fragmented yet opportunity-rich environment continues to drive innovation and competition across the global iron and steel value chain.

Related Reports:

Iron & Steel Market by Type (Iron and Steel), Iron Production Technology, Steel Production Technology, End-use Industry (Construction & Building, Automotive & Transportation, Mechanical Equipment, Metal Products), and Region - Global Forecast to 2030