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Iron & Steel Manufacturing in Canada Industry Data and Analysis
The Canadian steel industry is currently facing a challenging period marked by a projected 2.0% contraction in 2025, with total revenues falling to $16.3 billion. Although the industry posted a 3.9% five-year CAGR over the current period, this figure is largely due to strong gains in 2021, followed by subsequent declines. This downturn is primarily driven by the imposition of a 25.0% US tariff on Canadian steel imports, which has sharply reduced export volumes and reduced profit, leading to layoffs and production slowdowns. While some losses are being offset by reciprocal Canadian tariffs and government support for domestic procurement, the industry’s trajectory reflects the struggle to adapt to a rapidly shifting trade environment and persistently low steel prices. Companies are responding by ramping up domestic sales, seeking new international markets and enhancing operational efficiency, but the near-term outlook remains pressured by global overcapacity and weak demand.
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What's included in this industry analysis
IBISWorld's research coverage on the Iron & Steel Manufacturing industry in Canada includes market sizing, forecasting, data and analysis from 2015-2030. The most recent publication was released December 2025.
About this industry
What's this industry report about?
The Iron & Steel Manufacturing industry in Canada operates under the NAICS industry code 33111CA. This industry manufactures pig iron, steel and ferroalloys. Pig iron may be manufactured in a blast furnace or with newer direct-reduction methods. Steel may be manufactured in basic oxygen furnaces (newly made steel) or in electric arc furnaces (recycled steel). The industry also includes operators that manufacture basic steel shapes such as bars, plates, rods, sheets, strips and wire or form pipes and tubes from steel they have produced in-house. Related terms covered in the Iron & Steel Manufacturing industry in Canada include blast furnace, coke, ferroalloy, pig iron and electric arc furnace.
What's included in this industry?
Products and services covered in Iron & Steel Manufacturing industry in Canada include Hot-rolled sheet, Hot-rolled bars and Cold-finished bars and shapes.
What companies are included in this industry?
Companies covered in the Iron & Steel Manufacturing industry in Canada include ArcelorMittal SA, Cleveland-Cliffs and Algoma Steel.
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 & Steel Manufacturing industry in Canada.
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 & Steel Manufacturing industry in Canada.
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 & Steel Manufacturing industry in Canada.
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 & Steel Manufacturing industry in Canada. 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 & Steel Manufacturing industry in Canada. 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 & Steel Manufacturing industry in Canada. 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 & Steel Manufacturing industry in Canada. 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 & Steel Manufacturing industry in Canada.
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Frequently Asked Questions
What is the market size of the Iron & Steel Manufacturing industry in Canada in 2026?
The market size of the Iron & Steel Manufacturing industry in Canada is $16.3bn in 2026.
How many businesses are there in the Iron & Steel Manufacturing industry in Canada in 2025?
There are 98 businesses in the Iron & Steel Manufacturing industry in Canada, which has declined at a CAGR of 2.8 % between 2020 and 2025.
How may import tariffs affect the Iron & Steel Manufacturing industry in Canada?
The Iron & Steel Manufacturing industry in Canada is likely to be significantly impacted by import tariffs with imports accounting for a high share of industry revenue.
How may export tariffs affect the Iron & Steel Manufacturing industry in Canada?
The Iron & Steel Manufacturing industry in Canada is likely to be significantly impacted by export tariffs with exports accounting for a high share of industry revenue.
Has the Iron & Steel Manufacturing industry in Canada grown or declined over the past 5 years?
The market size of the Iron & Steel Manufacturing industry in Canada has been growing at a CAGR of 3.9 % between 2020 and 2025.
What is the forecast growth of the Iron & Steel Manufacturing industry in Canada over the next 5 years?
Over the next five years, the Iron & Steel Manufacturing industry in Canada is expected to decline.
What are the biggest companies in the Iron & Steel Manufacturing industry in Canada?
The biggest companies operating in the Iron & Steel Manufacturing industry in Canada are ArcelorMittal SA, Cleveland-Cliffs and Algoma Steel
What does the Iron & Steel Manufacturing industry in Canada include?
Direct reduction of iron ore and Manufacturing and converting ferroalloys are part of the Iron & Steel Manufacturing industry in Canada.
Which companies have the highest market share in the Iron & Steel Manufacturing industry in Canada?
The company holding the most market share in the Iron & Steel Manufacturing industry in Canada is ArcelorMittal SA.
How competitive is the Iron & Steel Manufacturing industry in Canada?
The level of competition is high and increasing in the Iron & Steel Manufacturing industry in Canada.
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