11 of the 20 largest steel companies in the world are owned by China, which indicates the country's monopoly in the global steel sector. Other large steel companies are registered in Luxembourg, Japan, South Korea, India and the USA.
1. Chinese Baowu Group (SS:60019)
Headquarters: China
Steel tonnage in 2022: 131.84 million tons
China Baowu Group is the largest steel company in the world in terms of steel tonnage. The company's steel production was 131.84 million tons in 2022, down slightly from 130.56 million tons the previous year. With a current market capitalization of $121.117 billion, China Baowu Group is looking to expand its production capacity.
2. ArcelorMittal (NYSE:MT)
Headquarters: Luxembourg
Steel tonnage in 2022: 68.89 million tons
ArcelorMittal is the largest in terms of production capacity, a steel manufacturing company in Europe. The mining giant's steel production in 2022 was 68.89 million tons. For comparison, steel production from Luxembourg was 79.26 million tonnes in 2021 (significantly higher than in 2022). ArcelorMittal's current market capitalization is $22.081 billion and its second largest steel production in the world makes it the largest steel producer in Europe.
3. Ansteel Group (HK:0347)
Headquarters: China
Steel tonnage in 2022: 55.65 million tons
Ansteel Group is the third largest steel company in the world thanks to its monumental annual tonnage. In 2022, the company maintained a steady steel output of 55.65 million metric tons. It is noteworthy that the company's production volume remained the same as in the previous year, which indicates stable work against the backdrop of a dynamically developing global steel market.
4. Nippon Steel Corporation (TYO:5401)
Headquarters: Japan
Steel tonnage in 2022: 44.37 million tons
According to the World Steel Organization, Nippon Steel Corporation's metal production in 2022 was 44.37 million tons. This volume is indicative of a significant decline in production compared to the previous year, as the corporation's steel tonnage was 49.46 million metric tons in 2021. In addition, Nippon Steel Corporation's huge current market capitalization of $2.737 trillion is indicative of its extensive presence and position in the mining sector.
5. Shagang Group (SZ: 002075)
Headquarters: China
Steel tonnage in 2022: 41.45 million tons
Shagang Group also ranks among the top 20 steel companies in the world due to its impressive tonnage. The company's steel production in 2022 was 41.45 million tons, indicating a slight decrease from the previous year. In comparison, Shagang Group's 2021 steel production was noticeably higher at 44.23 million tons.
Europe
ArcelorMittal SA (NYSE: MT) is the largest steel company in Europe (and second largest in the world). In 2022 alone, ArcelorMittal SA (NYSE:MT) steel output was over 68 million metric tons, down slightly from 2021 when the company produced 79.26 million metric tons. Due to the fact that its production facilities are located in Europe, Brazil and Mexico. The company's crude steel revenue reached $79.8 billion in 2022.
USA
The largest steel company in the US is Nucor Corporation (NYSE: NUE), based in Charlotte. Nucor Corporation (NYSE: NUE) is also the largest scrap metal processor in North America and the country's main steel producer. In 2022, Nucor Corporation (NYSE: NUE) tonnage of steel exceeded 20 million tons and the company announced the construction of a new $100 million electric arc furnace smelter at its long products in Arizona, which will have to produce more than 0.6 million tons per year.
Asia excluding China
In Asia, the South Korean POSCO Holdings Inc (NYSE: PKX) is leading along with the Japanese Nippon Steel Corporation. POSCO Holdings Inc (NYSE: PKX) has a current market capitalization of $23.363 billion and produces large amounts of the metal annually. In 2021, POSCO Holdings Inc (NYSE: PKX) was ranked 6th in the world by production volume, but has now been downgraded by one position due to production cuts in 2022.
China
Today, Baowu Steel Group, headquartered in Shanghai, China, is the world's largest steel producer. The company was formed in 2016 from the merger of Baosteel Group and Wuhan Iron and Steel Corporation and has an incredible production capacity. According to the World Association
