As of 2015, official reports state that a total of 1599.5 million metric tonnes of steel were produced across the world. As per the financial reports produced by the leading companies, statistics reveal that China is the global leader as far as steel producing is concerned. Based on the tonnage that was produced in the financial year 2016 – 17 the following are the top 5 companies that rule the global market as far as steel manufacturing is concerned.
Top 5 Steel producing-companies:
ArcelorMittal is concerned as the global leader in Steel as per reports of both the years 2015 and 2016. Arcelor is a Luxembourg based company that was taken over by Mittal Steel in the year 2006, and since then it is recognized under the banner ArcelorMittal. This one banner alone is responsible for producing 10% of the total steel production that happens in the world. There are more than 1,90,000 employees employed in ArcelorMittal worldwide. They function in different countries, and the unit in China is considered as the largest producer. The net revenue of the company for the year 2016 is US$ 1.77 Billion.
Nippon Steel & Sumitomo Metal Corporation (NSSMC):
NSSMC is the second largest steel manufacturing company in the world. NSSMC is a result of the merger that took place between two major giants of the steel industry. They are Nippon Steel and Sumitomo Metal Corporation. The merger took place in the year 2012. A company came together barely four years ago are making wonders in the steel industry. Since 2012 there has always been an upward trend for the company both in the consumer market as well as stock market. The company is headquartered in Japan, and the net revenue of the company as of 2012 is US$ 37 Million.
HeSteel Group is also known as Hebei Iron and Steel Group which the third largest steel producer in the world. The company was founded in the year 2008 and is headquartered at Hebei, China. The company has risen to this position in a span of 9 years, which is quite notable. Though there was a dip in the year 2015, it still managed to get a position for itself in the top 3 steel producing companies across the globe.
Baosteel is also known as China Baowu Steel Group. It produces around 35 million tons annually and is the fourth largest producer of steel in the world. Baosteel merged with another company, Wuhan Iron and Steel Group in the year 2016. It is a public company run by the Chinese government. Since this is again a Chinese company, the dominance of the Chinese government in the steel industry has become inevitable. It has some bitter experiences in the Asian Market. However, the company showed an upward trend in places like Korea and other notable Arabian countries.
POSCO is again a steel manufacturing unit that is considered as the nest largest steel manufacturing companies across the globe. The term POSCO stands for Pohang Iron and Steel Company. It works with US Steel in joint venture type of ownership. POSCO is also listed as one among the Fortune 500 companies in the year 2012. It gives an output of 42 Million tonnes of steel.