No doubt, steel is an integral part of every economy. The steel industry has engaged millions of workers around the globe and it is an important part and parcel of every material. Steel is defined as an alloy of iron and carbon. Look around you, you will not be able to find any item which is produced without steel. Be it refrigerators, cars, washing machines, etc. everything is composed of this component. Steel industry has both applications i.e., it helps in production of a finished product as well as it has immense use as a raw material. Steel industry has considerable impact on any economy. If $1 is generated by a steel factory, $2.5 is generated indirectly. Due to this reason, this industry is given more importance as compared to other industries. The construction industry is the biggest customer of steel industry. According to sources, around 15 countries produced the 89% of global steel, with China ranking at the top. China produced 1,000 million metric tons of steel while Japan manufactured 100 million tons. This means, that China dominates the market. This article provides useful information about Top 5 Global Steel Companies as shared on Yahoo by Insider Monkey.
One of the biggest steel company is POSCO. Alone in the year 2019, the total revenue of the company was $53.2 billion. During the same year, the company assets stood at $67.6 billions while the company earned a sum of $1,300 million as net profit during 2019. POSCO produced 43.1 million tonnes of steel during 2019. This South Korean company was established way back in the year 1968 and is the largest steel producer in South Korea. The company currently employs 30,000 people. It also owns several subsidiaries across the globe. Another major steel producer is Hesteel Group. The company is based in China. It was established around 12 years ago, in the year 2008. It later changed its name. Hesteel Group is owned by the Chinese government. The total revenue of Hesteel was $16.5 billion during 2019. The net profit stood at $347.2 million. During the same year, the company assets have been calculated to be $30 billion. Hesteel Group produced 46.6 million tonnes of steel during 2019. These are few companies which we have discussed here. There are several other steel producers. To read more, visit 15 Biggest Steel Companies In The World and see how big is the steel industry.