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In 2024, the global steel demand amounted to roughly **** billion metric tons, representing a decrease compared to the previous year. This figure was projected to grow to over **** billion in 2027.

China is the world's largest steel market

China is by far the largest market for the production and consumption of steel. In China, steel is used primarily for vehicle manufacturing, construction materials, and consumer electronics. As China’s growing economy continues to demand more steel, the energy sector must work hard to keep smelters running. Much of the energy demand is met with coal combustion, contributing to high levels of carbon dioxide emissions. Producing and consuming so much steel means that the global steel industry is tied to China’s steel sector and wider economy.

Steel as a material and commodity

Steel products are available in many forms, including slabs, rebars, and rods; each category provides different qualities to their use. Steel consumption is either from steel scrap or virgin steel. China Baowu Steel Group Corp. was the largest steel manufacturing company as of March 2023, with sales revenues of billion U.S. dollars. Luxembourg’s ArcelorMittal came second with over **** billion revenues.