Up until two decades ago, the steel industry in Australia was considered to be one of the strongest pillars of its economy. However, over the years, the industry has faced strong competition from overseas firms mainly in China, India and Japan, which have especially benefitted from the lower operational costs and worker wages. As a result domestic production has declined and employment levels within the sector have fallen nearly 26 percent between 2006-2015, as per the official data from the Australian Parliament House. Therefore, industry revenues are projected to decline from 10.9 billion U.S. dollars in 2011 to 6.8 billion U.S. dollars by 2023.
In 2018, crude steel production in Australia amounted to 6.9 million tonnes, a 14 percent decline as compared to the previous year, as per data from wordsteel.org. In comparison, China was the global leader, with an annual production of 928 million tonnes, accounting for over 50 percent of the worldwide share. Unsurprisingly, it was also the leading steel exporter during the same period, with over 68 million metric tons of steel exported worldwide.
Industry revenue of “Iron Smelting and Steel Manufacturing“ in Australia from 2011 to 2023
(in billion U.S. Dollars)
* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.
Currency conversion factor: (AUD -> USD) = 0.755
The industry classification is based on the Anzsic Rev.2 - system in Australia. The industry “Iron Smelting and Steel Manufacturing“ has the code “C2110“.
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Australian Bureau of Statistics. (May 10, 2019). Industry revenue of “Iron Smelting and Steel Manufacturing“ in Australia from 2011 to 2023 (in billion U.S. Dollars) [Graph]. In Statista. Retrieved November 04, 2024, from https://www.statista.com/forecasts/424253/iron-smelting-and-steel-manufacturing-revenue-in-australia
Australian Bureau of Statistics. "Industry revenue of “Iron Smelting and Steel Manufacturing“ in Australia from 2011 to 2023 (in billion U.S. Dollars)." Chart. May 10, 2019. Statista. Accessed November 04, 2024. https://www.statista.com/forecasts/424253/iron-smelting-and-steel-manufacturing-revenue-in-australia
Australian Bureau of Statistics. (2019). Industry revenue of “Iron Smelting and Steel Manufacturing“ in Australia from 2011 to 2023 (in billion U.S. Dollars). Statista. Statista Inc.. Accessed: November 04, 2024. https://www.statista.com/forecasts/424253/iron-smelting-and-steel-manufacturing-revenue-in-australia
Australian Bureau of Statistics. "Industry Revenue of “iron Smelting and Steel Manufacturing“ in Australia from 2011 to 2023 (in Billion U.S. Dollars)." Statista, Statista Inc., 10 May 2019, https://www.statista.com/forecasts/424253/iron-smelting-and-steel-manufacturing-revenue-in-australia
Australian Bureau of Statistics, Industry revenue of “Iron Smelting and Steel Manufacturing“ in Australia from 2011 to 2023 (in billion U.S. Dollars) Statista, https://www.statista.com/forecasts/424253/iron-smelting-and-steel-manufacturing-revenue-in-australia (last visited November 04, 2024)
Industry revenue of “Iron Smelting and Steel Manufacturing“ in Australia from 2011 to 2023 (in billion U.S. Dollars) [Graph], Australian Bureau of Statistics, May 10, 2019. [Online]. Available: https://www.statista.com/forecasts/424253/iron-smelting-and-steel-manufacturing-revenue-in-australia