Crude Steel Market Report: Size, Share and Outlook by 2031

The crude steel market size was valued at US$ 1,177.55 billion in 2024 and is expected to reach US$ 1,582.03 billion by 2031; it is estimated to record a CAGR of 4.3% from 2025 to 2031.

The shift toward recycling and circular economy models presents a major opportunity for crude steel producers to enhance sustainability, reduce costs, and improve regulatory alignment. As steel remains essential for infrastructure, transportation, and clean energy systems, the environmental burden of its production particularly in iron and steelmaking has come under increasing scrutiny. However, the growing demand for scrap-based steel, particularly through electric arc furnace (EAF) technology, enables producers to lower emissions, cut raw material dependency, and align more closely with Environmental, Social, and Governance (ESG) goals. The US steel sector, for example, is already among the most efficient globally in terms of greenhouse gas emissions per metric ton of product, largely due to its high use of remelted scrap steel a strategy that other countries are now looking to emulate. Still, the US remains the world's largest importer of steel, indicating significant potential to expand domestic recycling capacity further.

Government support is growing to advance this goal. The Industrial Efficiency and Decarbonization Office (IEDO) announced a FY24 funding opportunity (DE-FOA-0003219) worth US$ 4.7 million to improve steel recyclability by minimizing tramp metal contamination. Similarly, the Advanced Manufacturing Office's FY20 initiative allocated US$ 3.4 million toward projects focused on increasing steel recycling and reuse. These efforts signal a long-term shift toward circular steel economies, with increased investment in infrastructure, technology, and innovation expected to enhance scrap processing capabilities. For steelmakers, especially those investing in EAF technology, embracing circular models offers a path to cost savings, lower emissions, and enhanced market differentiation in an increasingly ESG-driven global steel market.

The crude steel market is poised for significant growth as global steel giants accelerate strategic expansions to capture rising demand across key geographies and high-value applications.

In India, a rapidly growing market for infrastructure and industrial development, ArcelorMittal Nippon Steel India (AM/NS India)—a critical operational base for Nippon Steel Corporation announced in March 2025 its decision to acquire land for a new integrated steel mill in Andhra Pradesh, southern India. This investment underscores India's rising importance as a manufacturing and export hub for steel products.

Meanwhile, in the US, Nippon Steel is pursuing an ambitious plan to double its crude steel production capacity within three to five years, focusing on major upgrades to its recently acquired US Steel. US Steel currently produces 11 million metric tons annually, accounting for approximately 15% of the US market. Under Nippon Steel's new strategy, this figure is projected to exceed 22 million metric tons, strengthening its presence in one of the world's most stable and strategically significant markets.

In February 2025, ArcelorMittal further announced the development of a non-grain-oriented electrical steel (NOES) manufacturing facility in Alabama, USA. The plant, fully owned by ArcelorMittal, will produce up to 150,000 metric tons annually, targeting the growing demand in electric vehicles, renewable energy systems, and industrial motors. This reflects a broader industry shift toward value-added and specialty steel products, aligned with energy transition and advanced mobility trends.

These developments highlight strong regional and sectoral opportunities in the crude steel market, driven by capital investment, technological advancement, and the increasing demand for conventional and specialized steel products.

ArcelorMittal SA, Jindal Steel & Power Ltd, China BaoWu Steel Group Corporation Limited, Nippon Steel Corp, Tata Steel Ltd, JFE Steel Corp, Jiangsu Shagang Group Co Ltd, China Ansteel Group Corporation Limited, Posco Holdings Inc, and Delong Metal Product Co Ltd. are among the key global crude steel market players that are profiled in this market study. 

The overall global crude steel market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the global crude steel market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the global crude steel market.