$139.6bn
$XX.Xbn
80,713
235
$X.Xbn
The iron and steel manufacturing industry has grown at a CAGR of 4.9% to an estimated $139.6 billion in 2024, driven primarily by commodity price increases, with production volumes experiencing mixed trends. Prices for iron and steel have historically exhibited high volatility. Factors such as growing demand from developing economies, disruptions in supply chains due to COVID-19 and geopolitical tensions, notably the Russian-Ukraine conflict, have contributed to this volatility. Production volumes were bolstered by construction sector activity early in the period but later declined due to lower demand from commercial property and housing sectors, driven by rising mortgage rates and pandemic-related impacts.
Industry revenue has grown at a CAGR of 4.9 % over the past five years, to reach an estimated $139.6bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Nucor Corporation | 27,761.4 | 3,705.0 | 13.3 | |
Cleveland-Cliffs Inc. | 19,222.4 | 1,136.4 | 5.9 | |
United States Steel Corp | 12,335.2 | 695.2 | 5.6 |
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Industry revenue is measured across several distinct product and services lines, including Hot-rolled sheets and strips, Cold-rolled sheets and strips and Hot-rolled bars and shapes. Hot-rolled sheets and strips is the largest segment of the Iron & Steel Manufacturing in the US.
High-temperature processing provides hot-rolled sheets for versatile applications
Companies in this industry manufacture pig iron, steel and ferroalloys. Pig iron is often manufactured in a blast furnace or via newer direct-reduction methods. Steel may be manufactured in basic oxygen furnaces (newly made steel) or electric arc furnaces (recycled steel). This industry also includes operators that manufacture basic steel shapes such as bars, plates, rods, sheets, strips and wire or form pipes and tubes from steel they have produced.
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NAICS 33111 - Iron & Steel Manufacturing in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
The current performance is primarily influenced by rising commodity prices, such as iron ore and raw steel, which have contributed to revenue growth.
Learn about an industry's products and services, markets and trends in international trade.
Manufacturers continue to advance in surface treatment technologies for hot-rolled sheets, such as coatings and plating techniques like galvanizing, enabling them to offer pro...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Proximity to raw material sources impacts geographic concentration, as companies often choose locations close to sources of raw materials like iron ore, coal, and scrap metal ...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Companies focus on improving operational efficiency and cost management to remain competitive in the industry, optimizing production processes and minimizing expenses.
Learn about the performance of the top companies in the industry.
If regulators approve the anticipated acquisition of US Steel by Nucor, it may lead to a significant increase in industry concentration. This acquisition was blocked in Septe...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Multiple environmental regulations result in high operating costs, as manufacturers must comply with air, water and waste regulations to reduce their contribution to pollution...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Capital expenditures in the industry are relatively high, as compared to the broader manufacturing sector as well as the Primary Metal Manufacturing industry, representing add...
Including values and annual change:
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Key data sources in the US include:
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The market size of the Iron & Steel Manufacturing in the US industry in United States is $139.6bn in 2024.
There are 235 businesses in the Iron & Steel Manufacturing in the US industry in United States, which has declined at a CAGR of 5.5 % between 2019 and 2024.
The market size of the Iron & Steel Manufacturing in the US industry in United States has been growing at a CAGR of 4.9 % between 2019 and 2024.
Over the next five years, the Iron & Steel Manufacturing in the US industry in United States is expected to grow.
The biggest companies operating in the Iron & Steel Manufacturing market in United States are Nucor Corporation, Cleveland-Cliffs Inc. and United States Steel Corp
Direct reduction of iron ore and Manufacturing and converting pig iron are part of the Iron & Steel Manufacturing in the US industry.
The company holding the most market share in United States is Nucor Corporation.
The level of competition is high and steady in the Iron & Steel Manufacturing in the US industry in United States.