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In the period of consideration, steel production in the United States fluctuated considerably. In particular, the production level decreased from **** million in 2019 to **** million metric tons in 2020 due to the narrowing down effects of the coronavirus pandemic on the American metal industry. The following year, the manufacturing level rose to **** million metric tons before declining to ** million in 2022.

The U.S. steel market

Since 2009, annual iron and steel manufacturing in the United States has increased from more than ** billion U.S. dollars in revenue to *** billion U.S. dollars in 2014. Still, the U.S. is among the Top 5 crude steel-producing countries, with a production level between ** and ** million metric tons from 2020 to 2022. One of the largest steel producers in the United States is the North-Carolina-based Nucor Corporation. In the 2022 financial year, the steel producer recorded some **** billion in revenue. In a global comparison of crude steel producers, Nucor was ranked sixteenth in 2022, producing around **** million metric tons of crude steel.

Global steel production

Over the last several years, the global production of crude steel has experienced consistent growth. Since 2003, annual crude steel production increased from * million metric tons to roughly *** billion metric tons in 2022, despite a dip in global demand in 2020 due to the coronavirus pandemic. China was the leading crude steel producer in 2022, holding more than half of the global market compared to other countries and regions. In particular, China Baowu Group, the world's larger steel maker, produced million metric tons in 2022.