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Iron Smelting and Steel Manufacturing in Australia Industry Data and Analysis
The Iron Smelting and Steel Manufacturing industry has faced uneven demand and ongoing economic pressure, largely driven by conditions in the construction and mining sectors. Volatility in construction activity has curtailed demand for steel used in residential building and infrastructure projects. At the same time, weaker export prices for metal ores have weighed on mining activity, reducing demand for steel products. Profitability has been shaped by movements in key input costs, including coking coal, iron ore and fuel. These cost swings have encouraged greater industry consolidation, contributing to reduced domestic competition. Although coking coal prices have eased, lowering purchasing costs and supporting margins through 2025-26, import penetration remains high and challenges persist. Overall, industry revenue is expected to have contracted at an annualised 2.2% over the past five years, reaching $15.9 billion in 2025-26. This includes an anticipated 3.1% dip in the current year, largely due to intense competition from low-cost imports, particularly from China. However, rising Australian steel exports have helped limit the overall drop in industry revenue.
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What's included in this industry analysis
IBISWorld's research coverage on the Iron Smelting and Steel Manufacturing industry in Australia includes market sizing, forecasting, data and analysis from 2016-2031. The most recent publication was released February 2026.
About this industry
What's this industry report about?
The Iron Smelting and Steel Manufacturing industry in Australia operates under the ANZSIC industry code C2110. Manufacturers smelt or refine 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 it 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. Related terms covered in the Iron Smelting and Steel Manufacturing industry in Australia include blast furnace, coke, ferroalloy, smelting, sintering, steel billet, ingot, electric arc furnaces (eafs) and green steel.
What's included in this industry?
Products and services covered in Iron Smelting and Steel Manufacturing industry in Australia include Iron products, Other carbon steel products and Metal-coated carbon steel.
What companies are included in this industry?
Companies covered in the Iron Smelting and Steel Manufacturing industry in Australia include BlueScope Steel and InfraBuild.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Iron Smelting and Steel Manufacturing industry in Australia.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed product and service segmentation, analysis of major markets and international trade data for the for the Iron Smelting and Steel Manufacturing industry in Australia.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Iron Smelting and Steel Manufacturing industry in Australia.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Iron Smelting and Steel Manufacturing industry in Australia. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Iron Smelting and Steel Manufacturing industry in Australia. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Iron Smelting and Steel Manufacturing industry in Australia. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Iron Smelting and Steel Manufacturing industry in Australia. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Iron Smelting and Steel Manufacturing industry in Australia.
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Frequently Asked Questions
What is the market size of the Iron Smelting and Steel Manufacturing industry in Australia in 2026?
The market size of the Iron Smelting and Steel Manufacturing industry in Australia is $15.9bn in 2026.
How many businesses are there in the Iron Smelting and Steel Manufacturing industry in Australia in 2026?
There are 895 businesses in the Iron Smelting and Steel Manufacturing industry in Australia, which has declined at a CAGR of 3.2 % between 2021 and 2026.
How may import tariffs affect the Iron Smelting and Steel Manufacturing industry in Australia?
The Iron Smelting and Steel Manufacturing industry in Australia is likely to be impacted by import tariffs with imports accounting for a moderate share of industry revenue.
How may export tariffs affect the Iron Smelting and Steel Manufacturing industry in Australia?
The Iron Smelting and Steel Manufacturing industry in Australia is likely to be impacted by export tariffs with exports accounting for a moderate share of industry revenue.
Has the Iron Smelting and Steel Manufacturing industry in Australia grown or declined over the past 5 years?
The market size of the Iron Smelting and Steel Manufacturing industry in Australia has been declining at a CAGR of 2.2 % between 2021 and 2026.
What is the forecast growth of the Iron Smelting and Steel Manufacturing industry in Australia over the next 5 years?
Over the next five years, the Iron Smelting and Steel Manufacturing industry in Australia is expected to grow.
What are the biggest companies in the Iron Smelting and Steel Manufacturing industry in Australia?
The biggest companies operating in the Iron Smelting and Steel Manufacturing industry in Australia are BlueScope Steel and InfraBuild
What does the Iron Smelting and Steel Manufacturing industry in Australia include?
Iron products and Metal-coated carbon steel are part of the Iron Smelting and Steel Manufacturing industry in Australia.
Which companies have the highest market share in the Iron Smelting and Steel Manufacturing industry in Australia?
The company holding the most market share in the Iron Smelting and Steel Manufacturing industry in Australia is BlueScope Steel.
How competitive is the Iron Smelting and Steel Manufacturing industry in Australia?
The level of competition is moderate and decreasing in the Iron Smelting and Steel Manufacturing industry in Australia.
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