An overview of the global steel industry, with a
focus on industry drivers and macroeconomic variables that impact steel demand
and prices.
Steel has been the
backbone of the global industrial economy since its mass production was
standardized following the development of the Bessemer converter in 1857. It is
an alloy of iron ore, carbon and other elements, and is used in residential and
non-residential construction and fabrication, in the production of machinery,
vehicles, appliances, oil and gas rigs and ships, and in various other
products.
China is the
largest producer and consumer of steel in the world. A total of 1.51 billion
tons of steel was produced globally in 2012, out of which 708.78 million tons
was produced in China. ArcelorMittal S.A. (MT) is the world’s largest steel
producer, with an annual production capacity of 119 million tons. Read more
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