Eleven of the top 20 are Chinese companies. The largest US steel producer, Nucor, ranks #16 globally. Production in the North American countries is marked in red: In the other 17 countries, production fell.Ĭhina’s production was 8 times the magnitude of India’s production and 12 times the magnitude of US production (#4). India (#2 in the world), Iran (#10), and Indonesia (#15) were the only three of the top 20 steel-producing countries where steel production rose in 2022 (by 5.6%, 7.0%, and 8.3% respectively). China then exports large volumes of high-value manufactured products that are made of steel or contain steel, from appliances to bridge towers. This indicates that most of the crude steel produced in China was used in China’s manufacturing and construction sectors. ![]() In 2022, China produced 54% of the world’s crude steel but used 52% of the world’s finished steel products – such as bar, pipe, and rolled steel – in its manufacturing and construction industries. Most of China’s crude steel production is used in China. The share of the rest of the world without China and North America dipped to 40.1% in 2022: The share has been range-bound between 5.3% and 6.3% since 2017, after a long and steady downtrend from a share of 16.6% in 1996. North America’s share dipped to 5.9% in 2022. In 2022, as China’s steel production fell less than production in the rest of the world, its share ticked up to 54.0%. In 2020, the share of China’s steel production had jumped to a record 56.6% of global production. In the rest of the world without China and North America, steel production fell 6.6% in 2022, after the 13.0% jumped in 2021 (green). US production accounts for roughly three-quarters of North American production (purple). In North America (US, Canada, Mexico), crude steel production has been wobbling lower below 1996 levels. In China, crude steel production in 2022 fell for the second year in a row, this time by 1.6%, to 1,018 Mt, after having fallen by 2.8% in 2021, which had been the largest decline in tonnage going back to 1996 (red line in the chart below) Since the year 2000, global crude steel production has surged by 122%, most of it in China: Over the period, China’s production exploded by 735% North America’s production fell by 18% and production in the rest of the world without China and North America rose by 29%. ![]() Global Financial Crisis in 2009 (-7.8%).Asian Financial Crisis in 1998 (-2.7%).There are now four episodes of falling annual crude steel production over the past 28 years: Production in China, which produces over half the crude steel in the world, fell for the second year in a row, but this time less than in the rest of the world, and China’s share regained some of the ground it had lost in 2021. This brought production back to where it had been in 2020, thereby unwinding the stimulus-fueled jump in 2021. ![]() Global production of crude steel – ingots, semi-finished products (billets, blooms, slabs), and liquid steel for castings – fell by 3.9% to 1,885 million tonnes (Mt) in 2022, the first annual decline since 2015, the steepest decline since 2009, and the second-steeped decline going back to 1996, according to data from the World Steel Association. China still produced more than the rest of the world combined, 12 times more than the US.
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