In 2017, the globe’s total crude steel production increased by 3.6 percent to hit 1.689 billion metric tons. Out of this, only 25 percent came from the world’s largest steel manufacturers.
This means the bulky 75 percent came from small and medium-scale steel construction materials firms like the fastener manufacturer BACO Enterprises and the others scattered across the world.
According to the World Steel Association, these are the top 5 steel companies with production numbers exceeding their peers.
POSCO # 5
In 2017, Pohang iron and steel company, POSCO manufactured 42.19 million metric tons of steel to emerge as the fifth largest steel producer in the world.
Established in 1968, POSCO operates a joint industry with US steel in California and another one in South Korea. In 2017, it recorded an annual revenue of $53.6 billion, having increased by 14.3 percent from 2016.
POSCO is special in the sense that it was started by former South Korean political leader Tae-Joon Park. His aim was the creation of a large-scale modern steel manufacturer in the country. In six years, their annual production was already hitting 9 million metric tons.
It is the only steel manufacturer with a university. Its major products are cold rolled steel (accounting for 40% of their revenue), hot rolled steel (24%), steel plates (15%), wire rods, stainless steel, and electrical steel plates.
HBIS GROUP # 4
The total steel production by HBIS in 2017 was 45.56 million metric tons. This state-owned Chinese steel production and global marketing firm boasts a total of 120,000 employees throughout the world. It also ranks 239th among the Fortune 500.
According to MIT, HBIS group has the cleanest steel manufacturing company in the world. It is the leading manufacturer of home appliance steel and the second-leading manufacturer of automotive steel in China.
Similarly, it holds the lion’s share when it comes to nuclear power, marine engineering, bridge, and construction steel.
NSSMC GROUP # 3
Nippon Steel & Sumimoto Metal manufactured 47.36 million metric tons of crude steel in 2017. With more than 61,000 employees, NSSMC is listed in the bustling Tokyo Stock Exchange.
After a high-profile merger in 2012, NSSMC got a major boost to get its foot into the international steel market.
NSSMC group has since launched a charm offensive to make its mark in the competitive global market. Among its top competitive values are technology, globalization, and affordability.
This giant steel manufacturer is even making forays into automation with their tailor-made steel products for self-driving cars. According to NSSMC president, Kosei Shindo, “Steel industry will continue to be a growth industry.”
CHINA BAOWU STEEL GROUP # 2
At position 162 in the Fortune 500, China Baowu is the largest steel manufacturer in the populous country.
In 2017, it manufactured a total of 65.39 metric tons of crude steel. It is the largest state-owned steel manufacturer in China and the second-largest in the world.
In 2016, the state declared a major merger between Baosteel Group Corporation and the Wuhan Iron & Steel group. The result was the second-largest steel manufacturer! Its 2017 profits totaled slightly over $2 billion with operating revenue of $58 billion.
ARCELOR MITTAL # 1
In 2017, the world’s leading steel manufacturer, Arcelor Mittal SA, accounted for 6 percent of total crude steel production.
Arcelor Mittal’s achievable annual production capacity falls in the region of 113 million metric tons. This global steel giant boasts a record 199,000 employees spread across 60 countries. Similarly, it has an industrial presence in over 18 countries.
It is a listed company in New York, Amsterdam, Paris, Barcelona, Luxembourg, Barcelona Bilbao, Madrid, and Valencia. The company’s cumulative revenue is $36.8 billion.