Exclusive TOP-30 largest steel producers in the world: industry leaders in 2024

Who dominates the global steel market: Chinese giants, European players and American corporations

In 2024, the global steel market maintained its stabilization trend, with global production reaching 1.884 billion tonnes, slightly less than in 2023 (1.904 billion tonnes). The spotlight was on the leading companies that set the pace in the industry and influence pricing, innovation and environmental standards, according to the World Steel in Figures annual report of the World Steel Association.

China Baowu Group became the absolute leader again, producing 130.09 million tons of steel in 2024. This is almost twice as much as its closest competitor, ArcelorMittal, whose production amounted to 65 million tons.

China’s Ansteel Group took the third position (59.55 million tons), followed by Japan’s Nippon Steel Corporation with 43.64 million tons, which remains the largest producer outside of China.

The top 10 also includes the following companies:

• HBIS Group (China) – 42.28 million tons;
• Shagang Group (China) – 40.22 million tons;
• Jianlong Group (China) – 39.37 million tons;
• POSCO Holdings (South Korea) – 37.97 million tons;
• Shougang Group (China) – 31.57 million tons;
• Tata Steel Group (India) – 31.02 million tons.

Chinese companies confidently dominate the top ten: 6 out of 10 positions belong to them. This reflects the overall picture: in 2024, China produced more than 1 billion tons of steel, which is more than half of the world’s total production.

India, which ranked second among the producing countries, is represented not only by Tata Steel but also by JSW Steel Limited (26.95 million tons) and SAIL (19.10 million tons), which also made it into the top 20.

American players, although inferior to the Asian giants in terms of volumes, still hold strong positions. Nucor Corporation (20.66 million tons), Cleveland-Cliffs (16.4 million tons) and U.S. Steel (14.18 million tons) are the main producers in the United States, along with Steel Dynamics, Inc. which produced 10.2 million tons.

Among European companies, Thyssenkrupp (Germany) holds the top position with 10.26 million tons, while Voestalpine (Austria) and other traditional players are no longer in the top 50.

Overall, the ranking shows a clear trend: Asia, in particular China and India, continues to strengthen its position, while Western companies are focusing on production modernization, decarbonization and niche technologies.