$18.2bn
$XXX.Xm
17,240
982
$X.Xbn
Iron smelters and steel manufacturers are facing significant challenges and opportunities amid fluctuating downstream demand, particularly from the construction and mining sectors. Seasonal variations and global economic conditions influence the industry's revenue performance, while sustainability trends are driving demand towards eco-friendly steel products.
Technological advancements and industry consolidation are reshaping the competitive landscape, fostering innovation and altering business dynamics. Key input costs like iron ore, coking coal and fuel are subject to significant fluctuations that directly affect operational efficiency and profitability. These fluctuations are compounded by imports from low-cost countries like China, which offer competitive pricing but raise concerns about quality and regulatory compliance. Additionally, changes in trade policies and ongoing global technological advancements are continuously shaping market conditions, enhancing the competitiveness of imported steel products and influencing industry strategies and investments.
Despite these challenges, revenue is expected to expand at an annualised rate of 1.9% over the five years through 2024-25, reaching $18.2 billion. However, this trend includes an anticipated fall of 2.2% in 2024-25, primarily driven by decreased world steel prices. The increased import competition heightens the pressure on domestic producers, reducing revenue.
Over the coming years, manufacturers will continue to contend with intense import competition. Potential tariffs could dampen import volumes, shifting more demand towards domestic manufacturers that compete based on quality. Total export values are also set to decline as the Australian dollar appreciates, reducing local manufacturers' competitiveness in the global market. Positive construction trends and recovering activity in the sector will support revenue growth, while lower input prices will help manufacturers expand and bolster their profit margins. Overall, revenue is forecast to climb at an annualised 1.9% over the five years through 2029-30, reaching $20.0 billion.
Industry revenue has grown at a CAGR of 1.9 % over the past five years, to reach an estimated $18.2bn in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2025 | Revenue ($m)
2025 |
---|---|---|
BlueScope Steel | 9,281.5 | |
InfraBuild | 925.5 |
To view the market share and analysis for all 2 top companies in this industry, view purchase options.
Industry revenue is measured across several distinct product and services lines, including Iron products, Other carbon steel products and Metal-coated carbon steel. Iron products is the largest segment of the Iron Smelting and Steel Manufacturing in Australia.
Sales of metal-coated carbon steel have grown as demand from the manufacturing sector has improved
Manufacturers smelt or refined iron ore or sands into basic iron products, like ingots, billets and slabs. The industry also includes manufacturers that convert steel into primary shapes by hot- or cold-rolling steel into sheets, bars and rods. Companies that mainly produce carbon and stainless steel from iron alloyed with other elements (like carbon and chromium) are also part of the industry.
Purchase this report to view all 2 major companies in this industry.
ANZSIC 2110 - Iron Smelting and Steel Manufacturing in Australia
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Fluctuations in downstream markets, particularly in construction and mining, heavily influence manufacturers' revenue by affecting demand for steel products used in infrastruc...
Learn about an industry's products and services, markets and trends in international trade.
Demand from manufacturing industries has been strengthening. Revenue from metal-coated carbon steel, a common input for manufacturing processes, has benefited from this uptur...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Steel manufacturers often choose their locations based on proximity to downstream markets rather than access to key input materials. This strategic approach ensures they can ...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Customer preferences often dictate product choices, with quality-conscious buyers willing to invest more in durable, reliable steel products. Larger manufacturers leverage ec...
Learn about the performance of the top companies in the industry.
BlueScope has experienced an increase in revenue over the past two years. Ongoing recoveries in the construction and building markets have elevated the company’s performance.
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Iron smelting and steel manufacturing operations are known for their high energy consumption. In response to government initiatives promoting renewable energy adoption, facil...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Manufacturers are increasingly automating their processes to boost efficiency, reduce the need for low-skilled labour and lower wage costs. This shift towards automation refl...
Including values and annual change:
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Australia include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Unlock comprehensive answers and precise data upon purchase. View purchase options.
The market size of the Iron Smelting and Steel Manufacturing industry in Australia is $18.2bn in 2024.
There are 982 businesses in the Iron Smelting and Steel Manufacturing industry in Australia, which has declined at a CAGR of 2.1 % between 2018 and 2023.
The market size of the Iron Smelting and Steel Manufacturing industry in Australia has been growing at a CAGR of 1.9 % between 2018 and 2023.
Over the next five years, the Iron Smelting and Steel Manufacturing industry in Australia is expected to grow.
The biggest companies operating in the Iron Smelting and Steel Manufacturing market in Australia are BlueScope Steel and InfraBuild
Iron products and Metal-coated carbon steel are part of the Iron Smelting and Steel Manufacturing industry.
The company holding the most market share in Australia is BlueScope Steel.
The level of competition is moderate and decreasing in the Iron Smelting and Steel Manufacturing industry in Australia.