Global steel consumption reached 1,745 million tonnes last year, with China accounting for over half of that total. While global demand is forecast to rise slightly this year, regional trends vary sharply between growth in India and contraction across many advanced economies.
Key Takeaways
- Global apparent steel use reached 1,745.1 Mt in 2023.
- Global steel market revenue was $1.88 trillion in 2023.
- Global crude steel production reached 1,888.3 million tonnes (Mt) in 2023, marking a 0.3% decrease from 2022.
- Steel recycling rate globally 85% in 2023.
- Global steel exports totaled 449.2 Mt in 2023.
Global steel production is steadily rising, highlighting growing demand and resilience across the industry worldwide.
Related reading
01 · Category
Consumption Statistics22 stats
01
Global apparent steel use reached 1,745.1 Mt in 2023.
02
China’s apparent steel use was 920.9 Mt in 2023, 53% of global.
03
India’s steel consumption grew 13.3% to 136.1 Mt in 2023.
04
EU(27) apparent steel use fell 5.1% to 137.6 Mt in 2023.
05
United States steel consumption was 98.3 Mt in 2023, down 6.0%.
06
Japan’s apparent steel use decreased 5.9% to 63.2 Mt in 2023.
07
South Korea’s steel consumption fell 10.2% to 55.8 Mt in 2023.
08
Global steel use per capita was 214 kg in 2023.
09
Construction sector accounted for 52% of global steel use in 2023.
10
Automotive sector used 12% of global steel in 2023.
11
Machinery sector steel demand was 11% globally in 2023.
12
Global steel use forecast for 2024 is 1,770 Mt, up 1.2%.
13
China’s steel use intensity in construction was 100 kg/sqm in 2023.
14
India’s steel consumption growth driven by 50% from infrastructure.
15
EU steel use in electrical equipment was 6% in 2023.
16
US steel demand from appliances was 4% of total in 2023.
17
Global metal one office furniture steel use was 2% in 2023.
18
Developing economies steel use grew 4.2% in 2023.
19
Advanced economies steel consumption declined 3.6% in 2023.
20
ASEAN steel use increased 5.8% to 105 Mt in 2023.
21
Middle East steel consumption was 58 Mt in 2023, up 2.5%.
22
Africa’s apparent steel use reached 39 Mt in 2023, up 1.0%.
Interpretation
Consumption Statistics Interpretation
While China continues to single-handedly prop up global steel consumption with over half of all demand, advanced economies are retracting their industrial claws, leaving developing nations to hammer out the future growth, one infrastructure project at a time.
02 · Category
Economic and Financial Statistics20 stats
01
Global steel market revenue was $1.88 trillion in 2023.
02
Average steel price (HRC) was $800per tonne in 2023 globally.
03
China steel industry revenue reached $1.05 trillion in 2023.
04
Global steel industry employed 3.2 million people directly in 2023.
05
Steel contributes 3.4% to global manufacturing value added.
06
ArcelorMittal revenue was $68.3 billion in 2023.
07
China Baowu Steel Group revenue $125 billion in 2023.
08
Global steel capacity utilization rate averaged 77% in 2023.
09
Steel industry capex globally was $150 billion in 2023.
10
EBITDA margins for steel producers averaged 8% in 2023.
11
Global steel price index fell 15% in 2023.
12
EU steel industry output value €168 billion in 2023.
13
US steel market size $150 billion in 2023.
14
India steel industry contributes 2% to GDP in 2023.
15
Global steel futures trading volume 500 million tonnes in 2023.
16
Average cost of steel production $550/tonne globally in 2023.
17
POSCO revenue $55 billion in 2023.
18
Tata Steel revenue $30 billion in FY2023.
19
Nucor Corporation net earnings $4.5 billion in 2023.
20
Global steel industry debt $400 billion in 2023.
Interpretation
Economic and Financial Statistics Interpretation
The world still runs on steel, but with China producing more than half of its revenue, global giants like ArcelorMittal playing in a league of their own, and everyone operating at just over three-quarters capacity on razor-thin 8% margins, it's a precarious, debt-laden, multi-trillion-dollar tightrope walk over a 15% price drop.
03 · Category
Production Statistics28 stats
01
Global crude steel production reached 1,888.3 million tonnes (Mt) in 2023, marking a 0.3% decrease from 2022.
02
China produced 1,019.0 Mt of crude steel in 2023, accounting for 54% of global output.
03
India’s crude steel production grew by 13.5% to 140.3 Mt in 2023.
04
Japan’s crude steel output fell 5.8% to 87.0 Mt in 2023.
05
The United States produced 80.7 Mt of crude steel in 2023, down 1.8% from 2022.
06
Russia’s crude steel production was 71.5 Mt in 2023, a 6.3% decline.
07
South Korea produced 66.7 Mt of crude steel in 2023, down 4.6%.
08
Germany’s output was 35.8 Mt in 2023, decreasing by 1.5%.
09
Turkey produced 33.7 Mt of crude steel in 2023, down 1.6%.
10
Brazil’s crude steel production reached 34.3 Mt in 2023, up 5.0%.
11
Global crude steel production in the EU(27) was 126.8 Mt in 2023, down 2.4%.
12
Iran produced 30.4 Mt of crude steel in 2023, up 7.6%.
13
Ukraine’s output fell sharply to 6.2 Mt in 2023 due to conflict.
14
Vietnam’s crude steel production grew 14.5% to 20.0 Mt in 2023.
15
Global pig iron production was 1,263.2 Mt in 2023.
16
Direct reduced iron (DRI) production reached 133.6 Mt globally in 2023.
17
Global steel scrap usage was 498.8 Mt in 2023.
18
China’s pig iron output was 815.4 Mt in 2023.
19
India’s DRI production increased to 44.5 Mt in 2023.
20
The top 50 steel producers accounted for 85% of global crude steel production in 2023.
21
Global crude steel production forecast for 2024 is 1,895 Mt, up 0.4%.
22
Asia and Oceania produced 1,380.1 Mt of crude steel in 2023, 73% of global total.
23
EU(27) steel production capacity utilization was 75% in 2023.
24
Global BOF steel production share was 71% in 2023.
25
EAF steel production share globally was 29% in 2023.
26
China’s crude steel capacity was estimated at 1,200 Mt in 2023.
27
Global steel production per capita was 226 kg in 2023.
28
World steel production hit a record 1,950.5 Mt in 2022 before declining.
Interpretation
Production Statistics Interpretation
The global steel industry is a tale of two behemoths: one, China, who now produces more than half the world's steel, sitting comfortably in its own weight class, while the other, India, sprints up from behind as most traditional heavyweights appear to be slowly rusting in place.
More related reading
04 · Category
Sustainability and Environmental Statistics20 stats
01
Steel recycling rate globally 85% in 2023.
02
Steel industry accounts for 7-9% of global CO2 emissions.
03
Global steel sector emitted 2.6 Gt CO2 in 2023.
04
BF-BOF route emits 1.8 t CO2 per tonne steel.
05
EAF route emits 0.4 t CO2 per tonne steel.
06
30% of steel produced via EAF globally by 2023.
07
Hydrogen-based steelmaking pilots aim for 10 Mt by 2030.
08
Steel industry water usage 20 m3 per tonne globally.
09
70% of steel scrap recycled annually worldwide.
10
EU steel decarbonization target net-zero by 2050.
11
China steel energy intensity fell 15% since 2010.
12
Global CCUS capacity in steel 100 Mt CO2/year target by 2030.
13
Steel life cycle emissions 1.85 t CO2e per tonne.
14
Biochar use in steelmaking reduces emissions 20-30%.
15
Global steel waste generation 50 Mt per year.
16
Renewable energy share in steel 15% in 2023.
17
Top 50 producers Scope 1+2 emissions 1.6 Gt CO2 in 2022.
18
Electrification reduces steel emissions by 50%.
19
Global steel GHG intensity 1.9 t CO2/t crude steel in 2021.
20
DRI-EAF pathway emission intensity 0.6 t CO2/t.
Interpretation
Sustainability and Environmental Statistics Interpretation
Steel’s impressive 85% recycling rate showcases a nearly circular economy, yet the sobering truth is that its stubborn reliance on coal still makes it one of the world's most carbon-intensive industries, accounting for a hefty slice of global emissions.
05 · Category
Trade Statistics23 stats
01
Global steel exports totaled 449.2 Mt in 2023.
02
China exported 90.3 Mt of steel in 2023, up 32%.
03
Japan’s steel exports were 64.0 Mt in 2023, up 15.7%.
04
South Korea exported 58.3 Mt of steel in 2023, up 22.3%.
05
Russia’s steel exports fell to 36.4 Mt in 2023, down 19%.
06
Turkey exported 23.0 Mt of steel products in 2023.
07
India’s steel exports reached 22.0 Mt in 2023, up 42%.
08
EU(27) steel exports were 91.3 Mt in 2023, down 10%.
09
Global steel imports were 448.5 Mt in 2023.
10
US imported 82.0% of its steel needs in 2023.
11
China’s steel imports dropped to 7.6 Mt in 2023.
12
Vietnam imported 16.5 Mt of steel in 2023.
13
Mexico’s steel imports were 16.2 Mt in 2023.
14
Thailand imported 14.9 Mt of steel in 2023.
15
Global trade share of steel production was 24% in 2023.
16
Asia exported 333.6 Mt of steel semi-finished products in 2023.
17
EU steel trade surplus narrowed to 5 Mt in 2023.
18
Over 200 steel trade remedy measures in force globally in 2023.
19
China’s share of global steel exports was 20% in 2023.
20
ASEAN steel imports grew 10% to 85 Mt in 2023.
21
Global steel trade value estimated at $300 billion in 2023.
22
Brazil exported 15.2 Mt of steel in 2023.
23
Taiwan exported 13.5 Mt of steel in 2023.
Interpretation
Trade Statistics Interpretation
While China, India, and Asia as a whole are flooding the world with steel exports at a breakneck pace, much of the developed world is busy slapping on trade remedies and importing it anyway, proving the global market is a paradoxically combative yet co-dependent beast.
Reference
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APA
Lukas Bauer. (2026, February 13). Global Steel Industry Statistics. Gitnux. https://gitnux.org/global-steel-industry-statistics
MLA
Lukas Bauer. "Global Steel Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/global-steel-industry-statistics.
Chicago
Lukas Bauer. 2026. "Global Steel Industry Statistics." Gitnux. https://gitnux.org/global-steel-industry-statistics.
Sources & references
16 datasets cited across this report · attribution is report-level