While global steel production reached a staggering 1.9 billion tonnes last year, this monolithic industry is far more than just a number, as revealed by a closer look at the figures showing China's dominance, India's meteoric rise, and the intense global push for greener production.
Key Takeaways
- Global crude steel production reached 1,888.6 million tonnes in 2023
- China produced 1,019 million tonnes of crude steel in 2023, accounting for 54% of global output
- India's crude steel production grew by 13.5% to 140 million tonnes in 2023
- Apparent steel use worldwide was 1,890 million tonnes in 2023
- China's steel consumption was 1,027 million tonnes in 2023
- EU steel consumption reached 142 million tonnes in 2023
- World crude steel exports totaled 444 million tonnes in 2023
- China exported 90.3 million tonnes of steel in 2023
- Japan exported 64.6 million tonnes in 2023
- Global steel industry employs over 3.2 million people directly
- In the US, steel industry supports 1.3 million jobs including indirect employment
- China's steel sector employs approximately 2 million workers
- Steel industry generated $1.8 trillion in revenue in 2022
- Global steel market cap of top 50 producers was $450 billion in 2023
- ArcelorMittal revenue was $68 billion in 2023
China dominates global steel output but India's production is rising as demand slows.
Consumption Statistics
- Apparent steel use worldwide was 1,890 million tonnes in 2023
- China's steel consumption was 1,027 million tonnes in 2023
- EU steel consumption reached 142 million tonnes in 2023
- US apparent steel use was 105 million tonnes in 2023
- Japan's steel consumption totaled 63 million tonnes in 2023
- India's steel use grew to 136 million tonnes in 2023
- South Korea consumed 55 million tonnes of steel in 2023
- Steel use per capita in China was 725 kg in 2023
- Global steel use per capita averaged 228 kg in 2023
- Construction sector accounts for 50% of global steel consumption
- Automotive industry uses 12% of steel produced globally
- Machinery sector consumes 16% of steel output
- Steel demand in infrastructure grew 3.2% in 2023
- Global steel demand forecast for 2024 is 1,866 million tonnes, down 0.5%
- EU steel demand per capita was 320 kg in 2023
- US steel use per capita 310 kg in 2023
- Steel intensity in buildings is 40-50 kg/m2
- Appliances use 3% of steel consumption globally
- Energy sector consumes 3% of steel for renewables
- Global steel demand in 2022 was 1,885 Mt
- China's steel demand fell 3.4% to 1,027 Mt in 2023
- India steel demand up 13% to 136 Mt in 2023
- MENA steel demand grew 4.5% in 2023
- CIS demand down 10% due to Ukraine war
- Steel demand forecast 2025: 1,895 Mt globally
Consumption Statistics Interpretation
China alone consumed over half the world's steel, proving it truly is a nation built on iron, while the rest of us are just trying to keep up.
Employment Statistics
- Global steel industry employs over 3.2 million people directly
- In the US, steel industry supports 1.3 million jobs including indirect employment
- China's steel sector employs approximately 2 million workers
- EU steel industry directly employs 330,000 people
- India steel workforce numbers 2.5 million including MSMEs
- Japan's steel industry employs 220,000 directly
- Global steel jobs declined 1.5% in 2023 due to automation
- Women represent 12% of steel industry workforce globally
- US steel production employment was 83,500 in 2023
- Average wage in US steel industry is $95,000 annually
- Steel industry training investments reached $1.2 billion globally in 2023
- Lost time injury frequency rate improved to 1.5 per million hours in 2023
- Canada steel employment 35,000 in 2023
- Brazil steel jobs 140,000 direct
- South Africa steel workforce 20,000
- Automation reduced jobs by 500,000 since 2015 globally
- Steel apprenticeships trained 50,000 youth in 2023
- Injury rate in India steel sector 2.8 per million hours
- EU steel employment down 5% to 330,000 in 2023
- Diversity: 20% women in office roles in steel
- Average steel worker age 45 years globally
- Reskilling programs for 100,000 workers in green transition
Employment Statistics Interpretation
The global steel industry, which directly supports over 3.2 million hands, is walking the modern tightrope: its impressive might is being reshaped by automation, a greening economy demanding new skills, and a persistent push for a workforce as strong and diverse as the metal it forges.
Environmental Statistics
- Global steel recycling rate is 85%, saving 600 million tonnes CO2 annually
- Steel industry emits 7-9% of global CO2 emissions, 2.6 Gt in 2023
- BF-BOF route emits 1.8-2.0 t CO2 per tonne steel
- EAF recycling emits 0.4 t CO2 per tonne
- 30% of primary steelmaking energy from coal
- Water usage in steel production averages 25 m3 per tonne
- Steel industry recycled 670 million tonnes scrap in 2023
- Hydrogen-based steelmaking pilots aim for 30 Mt green steel by 2030
- EU ETS covered 95% of steel emissions, costing €5 billion in 2023
- Global steel energy intensity improved 2% to 19.5 GJ/tonne in 2023
- Over 1,800 Mt CO2 abatement possible by 2050 with CCUS
- Steel dust recycling rate is 95% in modern plants
- Noise levels in steel plants reduced 20% since 2010
- Biodiversity programs cover 500,000 ha around steel sites
- SOX emissions reduced 40% since 2000 to 10 Mt/year
- NOx emissions 5 Mt/year globally from steel
- 98% wastewater treated in integrated mills
- Scrap use prevents 1.5 tonnes ore per tonne steel
- CCUS capacity in steel pilots 1 Mt CO2/year
- Electrification potential 40% of steel production by 2050
- Land remediation by steel firms 10,000 ha
- PM2.5 emissions down 25% in last decade
- Goal: net-zero emissions by 2050 for 50% members
- Biochar trials reduce emissions 20% in blast furnaces
Environmental Statistics Interpretation
The steel industry is a heavyweight paradox, saving 600 million tonnes of CO2 annually through phenomenal recycling while still emitting a colossal 2.6 gigatonnes itself, proving it's a climate problem that's desperately hammering out its own solution.
Financial Indicators
- Steel industry generated $1.8 trillion in revenue in 2022
- Global steel market cap of top 50 producers was $450 billion in 2023
- ArcelorMittal revenue was $68 billion in 2023
- China's Baowu Group revenue exceeded $177 billion in 2023
- POSCO Holdings profit was $2.3 billion in 2023
- Average steel price HRC US was $850/tonne in 2023 average
- Global steel EBITDA margin averaged 8.5% in 2023
- Steel capex globally was $120 billion in 2023
- Debt-to-equity ratio in steel industry averaged 0.6 in 2023
- R&D spending in steel was 1.2% of revenue, or $20 billion globally
- Nippon Steel revenue $55 billion in FY2023
- Tata Steel revenue £21 billion in 2023
- Nucor net income $4.5 billion in 2023
- HRC China export price $550/tonne average 2023
- EU HRC price €700/tonne Q4 2023
- Steel stocks traded volume 10 billion shares in 2023
- Venture capital in steel tech $2 billion 2023
- Cost of decarbonization $200/tonne by 2050
- Profitability top quartile 15% EBITDA vs 5% bottom
- M&A deals in steel $15 billion in 2023
Financial Indicators Interpretation
The global steel industry stands as a titanic, $1.8 trillion revenue colossus, yet it walks a precarious tightrope between Chinese scale, razor-thin global margins, and the multi-trillion-dollar question of who will pay the immense bill for its green future.
Production Statistics
- Global crude steel production reached 1,888.6 million tonnes in 2023
- China produced 1,019 million tonnes of crude steel in 2023, accounting for 54% of global output
- India's crude steel production grew by 13.5% to 140 million tonnes in 2023
- Japan's crude steel output was 87 million tonnes in 2023, down 4.4% from 2022
- United States produced 80.7 million tonnes of crude steel in 2023
- Crude steel production in the EU (27) totaled 126.6 million tonnes in 2023
- South Korea's production stood at 66.7 million tonnes in 2023
- Russia produced 71.5 million tonnes of crude steel in 2023 despite sanctions
- Turkey's output increased to 35.8 million tonnes in 2023
- Brazil produced 34.4 million tonnes in 2023
- Global pig iron production was 1,286.5 million tonnes in 2023
- Direct reduced iron (DRI) production reached 128.5 million tonnes globally in 2023
- China's pig iron output was 804.1 million tonnes in 2023
- Utilization rate of global crude steel capacity was 77.3% in 2023
- Over 70% of global steel is produced via the blast furnace-basic oxygen furnace (BF-BOF) route
- Electric arc furnace (EAF) share in global production is around 29%
- Global crude steel production was 1,951 million tonnes in 2022
- Iran produced 30.5 million tonnes of crude steel in 2023
- Vietnam's output reached 20 million tonnes in 2023
- Germany's production was 35.8 million tonnes in 2023
- Ukraine produced 6.2 million tonnes amid war in 2023
- Capacity utilization in China was 78% in 2023
- Latin America produced 78 million tonnes in 2023
- Middle East output was 82 million tonnes in 2023
- Africa steel production totaled 23 million tonnes in 2023
- Top 10 producers accounted for 86% of global output in 2023
- ASEAN steel production grew 9% to 70 million tonnes in 2023
- HRC production globally was 920 million tonnes in 2023
- Long products output was 968 million tonnes in 2023
- Finished steel production hit 1,720 million tonnes in 2023
Production Statistics Interpretation
China continues to be the world's ironclad workshop, producing more steel than the next 13 countries combined, while India's rapid growth and Russia's resilient output highlight a shifting global landscape that remains stubbornly reliant on traditional, carbon-intensive methods.
Trade Statistics
- World crude steel exports totaled 444 million tonnes in 2023
- China exported 90.3 million tonnes of steel in 2023
- Japan exported 64.6 million tonnes in 2023
- South Korea's steel exports were 58.4 million tonnes in 2023
- EU steel exports reached 88.3 million tonnes in 2023
- Russia exported 45.2 million tonnes despite restrictions in 2023
- Turkey exported 17.8 million tonnes of steel in 2023
- India exported 7.8 million tonnes in 2023
- US steel exports were 7.2 million tonnes in 2023
- Global steel imports were 434 million tonnes in 2023
- EU imported 120 million tonnes of steel in 2023
- US steel imports totaled 27.5 million tonnes in 2023
- China's steel imports were 11.2 million tonnes in 2023
- Top steel exporter Japan had a trade surplus of 40 million tonnes net in 2023
- Steel trade volume grew 2.1% year-on-year in 2023
- Anti-dumping measures affected 15% of global steel trade in 2023
- Brazil imported 12.5 million tonnes steel in 2023
- Vietnam exports rose to 12 million tonnes in 2023
- Taiwan exported 15.5 million tonnes in 2023
- Netherlands as EU hub imported 25 million tonnes
- Global slab trade was 120 million tonnes in 2023
- HRC exports totaled 150 million tonnes globally 2023
- Steel trade concentration: top 10 countries 70% exports
- US imposed tariffs on 25% of steel imports
- EU safeguard quotas limited imports to 25.1 Mt in 2023
- India anti-dumping duties on 20 steel products
- Global steel trade value $300 billion in 2023
- ASEAN steel imports up 15% to 60 Mt in 2023
Trade Statistics Interpretation
The global steel trade is a $300 billion game of geopolitical chess where China, Japan, and the EU are the major exporters, the US and EU are the most fortified importers, and everyone else is navigating a board increasingly cluttered with tariffs, quotas, and anti-dumping measures.
Sources & References
- Reference 1WORLDSTEELworldsteel.orgVisit source
- Reference 2OECDoecd.orgVisit source
- Reference 3STEELsteel.orgVisit source
- Reference 4STATISTAstatista.comVisit source
- Reference 5EUROFEReurofer.euVisit source
- Reference 6STEELsteel.gov.inVisit source
- Reference 7JSPAjspa.or.jpVisit source
- Reference 8BLSbls.govVisit source
- Reference 9IBISWORLDibisworld.comVisit source
- Reference 10CORPORATEcorporate.arcelormittal.comVisit source
- Reference 11BAOWUGROUPbaowugroup.comVisit source
- Reference 12POSCOposco.comVisit source
- Reference 13STEELBENCHMARKERsteelbenchmarker.comVisit source
- Reference 14MCKINSEYmckinsey.comVisit source
- Reference 15IEAiea.orgVisit source
- Reference 16BIRbir.orgVisit source
- Reference 17TRADEtrade.govVisit source
- Reference 18DGTRdgtr.gov.inVisit source
- Reference 19ACOESSTEELacoessteel.org.brVisit source
- Reference 20STEELsteel.org.zaVisit source
- Reference 21NIPPONSTEELnipponsteel.comVisit source
- Reference 22TATASTEELtatasteel.comVisit source
- Reference 23NUCORnucor.comVisit source
- Reference 24FINANCEfinance.yahoo.comVisit source
- Reference 25CBINSIGHTScbinsights.comVisit source