Projected crude steel consumption worldwide 2019-2024

In 2022, the global steel demand amounted to roughly 1.8 billion metric tons, representing a three percent decrease compared to the previous year. This figure was projected to grow by two percent in 2023 and 2024. In 2024, the demand for finished steel products was forecast to reach just under 1.9 billion metric tons. Steel plays a crucial role in numerous sectors of construction and engineering.

China is the world's largest steel market

China is by far the largest market for the production and consumption of steel. In China, steel is used primarily for vehicle manufacturing, construction materials, and consumer electronics. As China’s growing economy continues to demand more steel, the energy sector must work hard to keep smelters running. Much of the energy demand is met with coal combustion, contributing to high levels of carbon dioxide emissions. Producing and consuming so much steel means that the global steel industry is tied to China’s steel sector and wider economy.

Steel as a material and commodity

Steel products are available in many forms, including slabs, rebars, and rods; each category provides different qualities to their use. Steel consumption is either from steel scrap or virgin steel. China Baowu Steel Group Corp. was the largest steel manufacturing company as of March 2023, with sales revenues of 161.7 billion U.S. dollars. Luxembourg’s ArcelorMittal came second with over 79.8 billion revenues .