Steel is one of the top construction materials used around the world. With billions of tons used for construction and kept in supply, production remains constant and steady as the demand for steel products in the Philippines and around the world remains at an all-time high.
Production of steel is also a very profitable industry, with its biggest companies generating huge revenues by providing steel supplies to different companies and projects. When it comes to steel production, there are a number of countries that are a cut above the rest and have become some of the world’s biggest producers and suppliers of steel products.
Here’s a look at some of the biggest steel producing companies in the world today.
A producer of around 50 percent of the world’s steel supply, China remains as the world’s top producer of steel supplies and products in the world. In 2015 and 2016, the country was able to produce 803.83 and 808.4 million tons of crude steel, miles ahead from other steel producing countries.
When it comes to exporting steel, China is also at the top, as they have provided steel to countries such as South Korea, Vietnam, and the Philippines, where steel products are also abundant. The rapid economic growth, combined with the cheaper price of their steel products and suppliers have helped China dominate the steel market like no other country has done before.
Due to the abundance of iron ore and other metals in the region, along with cheap labor costs, India has constantly remained as one of the world’s top steel producing countries, producing a total of 95.5 and 101.4 million tons in 2016 and 2017, respectively. Like China, India’s development towards becoming a steel producing country is aided by the government, with the intention of improving the country’s economic growth for the long term.
When it comes to providing export-quality steel, India is also one of the world’s best providers as well, as their latest in steel producing and manufacturing technology remains at the cutting-edge of industry innovations.
Constantly moving up and down 2nd place in production rates along with India is Japan, which has produced 104.8 and 104.7 million tons of crude steel in 2016 and 2017, respectively. Known for its ability to produce steel products of the highest quality, Japan is one of the best providers of high-grade steel as well, exporting millions of tons of quality supplies and products across different parts of the world. China, South Korea, and Thailand are some of their top steel customers.
A country that has produced steel for centuries, the United State may have fallen in the rankings but has remained as one of the world’s top steel producers, having produced 78.5 and 81.6 million tons of crude steel in 2016 and 2017. A drop in rankings may have been caused by the country also becoming the world’s top steel importer, being a customer to some fellow steel producing countries. Despite the drop, the United States is still one of the best providers of high-quality steel, exporting to over 150 countries.
Another country that has become one of the world’s top steel exporters, Russia has consistently been one of the world’s top steel producers for a number of decades, with 70.5 and 71.3 million tons of crude steel produced in 2016 and 2017. One of the world’s top producers of natural gas and crude oil, Russia has remained as one of the world’s biggest economies, thanks in part to their ability to produce quality steel for export.
Along with its East Asian neighbors in China and Japan, South Korea has also become one of the region’s top steel producers, with 71 and 68.6 million tons of crude steel produced in 2016 and 2017. Like China and Japan, the growth of their steel production can be rooted in their rapid rise in economic development, with the past few decades seeing them grow into a top Asian economy.
The EU’s top steel producer, Germany has produced over 43.4 and 42.1 million tons of crude steel in 2016 and 2017. Another country that is known for its ability to produce high-quality export steel, German steel is commonly used in the automotive and weapons industry, where the need to produce quality products is on high demand.
Steel remains in abundant supply across the world, and that is aided by the world’s top steel producing countries. With the aim of improving and growing their economy, along with dominating and leading the industry, these countries have consistently provided quality supplies that can be used to manufacture products or be used for some of the world’s largest construction projects.