The global steel industry has been a cornerstone of modern infrastructure and manufacturing, undergoing significant transformation, since its inception during the Industrial Revolution.
Steel plays a crucial role in the global construction industry, underpinning infrastructure development and urbanisation.
As a versatile and durable material, it is essential for building skyscrapers, bridges and transportation systems.
Recent geopolitical tensions and supply chain disruptions have also highlighted the sector's strategic importance, prompting discussions about reshoring and securing critical raw materials.
However, today, it faces the dual challenge of meeting growing demand while reducing its environmental impact.
Steel companies are striving for innovation, developing high-strength, lightweight materials for cutting-edge applications in aerospace, automotive and renewable energy sectors.
The industry's focus on sustainability has also led to increased recycling efforts and investments in low-carbon production technologies.
As urbanisation continues apace, particularly in developing economies, steel remains integral to the construction industry, and so we look at the top ten companies in the world, ranked by market cap.
10. Severstal
Market cap: US$12.98bn
Employees: 52,222
CEO: Alexander Shevelev
Founded:195
Formerly known as Cherepovets Iron & Steel Works before 1993, Severstal is a vertically integrated steel and mining company.
Headquartered in Moscow, Russia, Severstal has the highest EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) margin in the Russian steel sector.
The company collaborates with major automotive, construction and oil, and gas industries and is expanding in North America with advanced steel facilities.
9. Tenaris
Market cap: US$14.08bn
Employees: 29,134
CEO: Paolo Rocca
Founded: 1909
Tenaris, headquartered in Luxembourg, is a global leader in steel pipe manufacturing for the energy industry.
The company aims to provide innovative solutions for oil and gas sectors, focusing on sustainability and technological advancement.
Tenaris recently invested U$40m in a second hydraulic fracking set for Vaca Muerta, Argentina, and is developing THera Seal, a new sealing solution for high-pressure gaseous hydrogen storage.
Tenaris has received the Climate Action Recognition award from Worldsteel annually since 2009 for its CO2 data collection programme.
8. Reliance Steel & Aluminum
Market cap: US$14.46bn
Employees: 15,000
CEO: Karla R. Lewis
Founded: 1939
Reliance is headquartered in Scottsdale, Arizona and is the largest metals service centre operator in North America.
The company aims to provide value-added metals processing services and distribute a diverse range of metal products to over 125,000 customers across various industries.
Reliance recently acquired Mid-West Materials and American Alloy Steel, both steel service centres, expanding its market presence.
7. ArcelorMittal
Market cap: US$15.40bn
Employees: 154,000
CEO: Aditya Mittal
Founded: 2006
ArcelorMittal aims to lead in sustainable steel production, focusing on innovation and environmental responsibility.
Headquartered in Luxembourg City, ArcelorMittal recently began construction of its new global headquarters, showcasing low-carbon steel use.
The company has been recognised by the Carbon Disclosure Project for its climate change efforts.
ArcelorMittal is also developing XCarb recycled and renewable produced steel, which has a significantly lower carbon footprint than conventional steel.
6. POSCO
Market cap: US$16.71bn
Employees: 44,501
CEO: In-hwa Chang
Founded: 1968
POSCO, headquartered in Pohang, South Korea, is the world's sixth-largest steelmaker.
The company aims to lead in sustainable steel production and expand globally.
POSCO recently launched a pilot steel production plant in Pohang and is collaborating with Honda Motor on cathode materials, that are crucial components in EV batteries, for automotive batteries in Canada.
This partnership aims to strengthen both companies' positions in the growing North American EV market.
POSCO operates two integrated steel mills in South Korea and was the world's most efficient steel producer in certain products during the 1980s.
5. Steel Dynamics
Market cap: US$17.61bn
Employees: 44,501
CEO: Mark D. Millett
Founded: 1993
Steel Dynamics, headquartered in Fort Wayne, Indiana, is America's third-largest carbon steel producer.
The company aims to lead in sustainable steel production and innovation.
Steel Dynamics recently acquired a 45% stake in New Process Steel, expanding its metals solutions capabilities.
The company is also developing a US$1.9bn flat roll steel mill in Sinton, Texas, showcasing its commitment to growth.
4. Nippon Steel
Market cap: US$18.58bn
Employees: 73,706
CEO: Tadashi Imai
Founded: 1970
Nippon Steel Corporation, headquartered in Tokyo, is Japan's largest and the world's third-largest steel producer.
The company aims to become the best steelmaker with world-leading capabilities through technological innovation and sustainable practices.
The company is developing high-performance steels for infrastructure and automotive industries and is working on carbon neutrality initiatives.
It also recently announced plans to acquire US Steel.
3. Tata Steel
Market cap: US$20.82bn
Employees: 80,500
CEO: T. V. Narendran
Founded: 1907
Headquartered in Mumbai, India, Tata Steel aims to double its capacity in India and achieve net-zero emissions by 2045.
Tata Steel recently signed agreements with the UK government for low-CO2 steelmaking and presented a Green Steel Plan to the Dutch government, outlining its strategy for decarbonising operations there.
The Green Steel Plan involves phased implementation of new technologies like direct reduced iron plants and an electric arc furnace to reduce CO2 emissions by 40% by 2030, with further reductions planned thereafter.
The company is collaborating with Imperial College London and The Henry Royce Institute on innovation centres.
2. JSW Steel
Market cap: US$24.11bn
Employees: 45,000
CEO: Sajjan Jindal
Founded: 1982
JSW Steel, headquartered in Mumbai, India, is the country's second-largest private sector steel producer.
The company aims to expand its capacity and lead in sustainable steel production.
JSW recently broke ground on a new steel plant in Jammu and Kashmir and plans to invest in reducing carbon emissions.
JSW Steel has a strategic partnership with JFE Steel of Japan for advanced technology access.
The company also operates the world's largest conveyor system, spanning 24 km from its captive mines to its Vijayanagar plant, significantly reducing transportation costs in an industry where logistics remain a key challenge.
1.Nucor Corporation
Market cap: US$32.93bn
Employees: 28,800
CEO: Leon J. Topalian
Founded: 1940
Nucor, headquartered in Charlotte, North Carolina, is America's largest steel producer and North America's largest recycler.
The company aims to lead in sustainable steel production through innovative mini-mill technology, which is more flexible steel production facilities that use electric arc furnaces to melt scrap steel; and vertical integration, which is the process of controlling multiple stages of steel production, from raw material sourcing to finished products.
Both approaches aim to increase efficiency and reduce costs in steel manufacturing.
Nucor also provides comprehensive, customised integration solutions for data centres, including optimal containments, server cabinets and cages, ensuring efficiency and timely delivery for mission-critical facilities.
Nucor recently began constructing a new steel mill in Lexington, North Carolina, demonstrating its commitment to growth.
The company has a strategic partnership with JFE Steel in Mexico, expanding its global presence.
Nucor operates with a unique decentralised management structure and has increased its dividend for 50 consecutive years.
Nucor also produced and sold approximately 18.5 million tons of steel and recycled 18.4 million tons of scrap in 2023.
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