China and India Lead in Global Steel Production 🏭

Key Takeaways

• China produces about one billion tonnes of steel each year, with the vast majority remaining in the country.
• At 149 million tonnes in steel production in 2024, India ranks in second—led by the Tata Steel Group, valued at roughly $23 billion.
• Nippon Steel, the largest steelmaker in Japan, has pushed for anti-dumping policies for Chinese steel imports due to their impact on the company's profit margins.

China's Unrivalled Dominance

Following massive stimulus after the global financial crisis, China grew to produce more than half of global steel production by 2015.

China Baowu Group, the largest steelmaker worldwide, produced 130.1 million tonnes of steel in 2024—more than nearly every other country.

Amid growing concerns of excess capacity, Beijing recently announced it plans to cut steel output, with some estimating a reduction of up to 50 million metric tonnes this year.