Steel industry - Statistics & Facts
Steel industry is regarded as one of the biggest and most dynamic industries globally. Therefore, new developments in the industry have a significant impact on global economies; however, it is also highly susceptible to being affected by international events.
2023 was a difficult year for steel producers and consumers. The ongoing war between Russia and Ukraine has exacerbated the scarcity of raw materials and energy used in steel production. The energy crisis, which even existed prior to the war, persisted and resulted in a cost of living crisis that directly impacted the disposable incomes of households, resulting in a reduction in global consumption. Therefore, global crude steel production remained mostly the same in 2023 compared to the figure registered in the previous year. In detail, monthly crude steel production in 2023 and 2024 fluctuated due to the mentioned problems that countries have been facing, with a dip recorded in December 2023 in the major producing countries.
One of the most effective ways to reduce the emission levels of the sector is to use recycled steel scrap, as steel is the most widely recycled material on the planet. Using steel scrap greatly reduces the consumption of mineral and energy resources during the production processes. Steelmakers can produce new steel products using scrap steel. In 2023, almost 255.2 million tons of steel scrap were used in the leading producing markets. About 48 percent of this was consumed in China.
Steel scrap can not only make the steel industry less carbon-intensive, but it can also help solve problems in the steel industry, like a lack of enough raw materials for making steel. As of 2023, a significant proportion of the global steel end-use was attributed to the construction and infrastructure sectors, which, like many others, encountered difficulties procuring essential materials for their projects during the COVID-19 outbreak. As a result, scrap steel has the potential to be a significant remedy for logistical issues related to basic materials in the steel markets.
2023 was a difficult year for steel producers and consumers. The ongoing war between Russia and Ukraine has exacerbated the scarcity of raw materials and energy used in steel production. The energy crisis, which even existed prior to the war, persisted and resulted in a cost of living crisis that directly impacted the disposable incomes of households, resulting in a reduction in global consumption. Therefore, global crude steel production remained mostly the same in 2023 compared to the figure registered in the previous year. In detail, monthly crude steel production in 2023 and 2024 fluctuated due to the mentioned problems that countries have been facing, with a dip recorded in December 2023 in the major producing countries.
China is the global steel market leader
China was the leader of the steel export market in 2023, dwarfing all other countries by over 94 million metric tons. Over the years, China, the world's biggest steel producer, has increased production and flooded the markets with cheap steel. The China-based steelmaker, Baowu Group, was the world’s largest crude steel producer in 2023, with an output of 130.8 million metric tons of crude steel. It was followed closely by the Luxembourg-based ArcelorMittal, with 68.5 million metric tons of products. The Baowu Group reported revenues of nearly 161.7 billion dollars, which was approximately 82 billion more than its main competitor, as of March 2023.Does steel scrap the future?
The steel sector plays a significant role in generating global greenhouse gas emissions due to its high-energy production processes. The topic of decarbonizing the industry has gained considerable importance in recent years, particularly considering the growing awareness of environmental issues and the implementation of the Paris Agreement. In 2023, the global average emissions intensity of steel production amounted to 1.92 metric tons of carbon dioxide (tCO₂) per metric ton of crude steel cast.One of the most effective ways to reduce the emission levels of the sector is to use recycled steel scrap, as steel is the most widely recycled material on the planet. Using steel scrap greatly reduces the consumption of mineral and energy resources during the production processes. Steelmakers can produce new steel products using scrap steel. In 2023, almost 255.2 million tons of steel scrap were used in the leading producing markets. About 48 percent of this was consumed in China.
Steel scrap can not only make the steel industry less carbon-intensive, but it can also help solve problems in the steel industry, like a lack of enough raw materials for making steel. As of 2023, a significant proportion of the global steel end-use was attributed to the construction and infrastructure sectors, which, like many others, encountered difficulties procuring essential materials for their projects during the COVID-19 outbreak. As a result, scrap steel has the potential to be a significant remedy for logistical issues related to basic materials in the steel markets.
