Steelmakers

Steelmakers are companies that manufacture steel from iron ore or scrap, operating mills that transform raw materials into semi-finished and finished steel products. Production occurs in integrated steelworks that combine ironmaking, steelmaking, casting and rolling, and in electric arc furnace (EAF) facilities that recycle scrap to produce new steel. Many steelmakers also engage in upstream activities (mining, coking coal, energy) or downstream finishing and distribution.

The principal production routes are the basic oxygen furnace (BOF) method, which converts pig iron with oxygen in a furnace, and the electric arc furnace (EAF) route, which melts scrap or direct reduced iron using electric power. Other processes, including vacuum degassing and continuous casting, refine steel before rolling into products such as sheet, plate, bars, and structural sections. Input materials include iron ore, coal or coke, limestone, and scrap steel.

Global steelmakers are dominated by a few multinational groups, notably ArcelorMittal, Baowu, Nippon Steel & Sumitomo Metal, POSCO, JFE Holdings, Tata Steel, United States Steel, and Thyssenkrupp (which has restructured). Most operate either integrated mills or mini-mills based on EAF technology. Market dynamics are influenced by demand in construction, automotive, and manufacturing, as well as trade policies and raw-material costs.

Historically, steelmaking evolved from early crucible and open-hearth processes to the modern BOF and EAF methods. In recent decades, consolidation and the rise of cost-competitive mini-mills have changed industry structure. Environmental concerns have prompted investments in energy efficiency, recycling, and decarbonization, including potential shifts to hydrogen-based direct reduction and more efficient electric arc operations.