Iron & Steel Manufacturing in Canada - Market Research Report (2014-2029)
New York, United States
Last Updated: August 2024
NAICS 33111CARevenue
$16.7bn
Past 5-Year Growth
Profit
$XXX.Xm
Employees
11,715
Businesses
106
Wages
$X.Xbn
Iron & Steel Manufacturing in Canada industry analysis
The industry has experienced revenue growth driven largely by higher iron and steel prices, which have fluctuated due to volatile demand from developing economies, supply chain disruptions and various geopolitical events. Although the pandemic caused a downturn in 2020, a strong recovery followed in 2021. However, rising interest rates in early 2022 slowed economic growth and dampened demand, leading to a decline in the latter part of the period. The industry is expected to further decline 7.1% in 2024 as prices for iron and steel drop, influenced by weakened construction activity in China and increased iron ore production in Australia and Brazil. Nevertheless, during the current period, the industry is projected to grow at a CAGR of 1.8%, reaching $16.7 billion.
Trends and Insights
- Iron and steel prices have increased, boosting revenue. Manufacturers pass cost hikes to customers, driving revenue growth amid fluctuating commodity prices and economic disruptions.
- Manufacturers continue advancing surface treatment technologies for hot-rolled sheets, including coatings and plating techniques like galvanizing. These advancements enhance products’ corrosion resistance, improving both durability and visual appeal.
- Ontario and Quebec lead Canada's steel and iron manufacturing. Together, they dominate the industry, leveraging advanced infrastructure, raw material access and proximity to key markets. Their industrial bases, skilled labor and economic activity foster innovation and sector growth.
- Companies focus on improving operational efficiency and cost management to remain competitive in the industry. They optimize production processes and minimize expenses to achieve these goals.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 1.8 % over the past five years, to reach an estimated $16.7bn in 2024.
Trends and Insights
Higher iron prices have contributed to revenue growth
- Steel scrap and iron ore prices directly influence industry revenue, as manufacturers typically pass these cost increases onto customers. Like other commodities, iron and steel have a history of high price volatility, which contributes to significant fluctuations in industry revenue.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to decline over the next five years.
Trends and Insights
China's weak demand for steel and iron will keep global prices low in the near term
- As China’s housing market continues to face additional pressures from structural factors, including demographic change, the need for additional housing is expected to diminish in the coming years, resulting in declining real estate investments through at least 2026.
Biggest companies in the Iron & Steel Manufacturing in Canada
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
ArcelorMittal | 3,836.5 | 253.6 | 6.6 | |
Stelco | 2,652.3 | 513.3 | 19.4 | |
Evraz | 449.6 | 61.1 | 13.6 |
To view the market share and analysis for all 4 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Hot-rolled sheet, Hot-rolled bars and Cold-finished bars and shapes. Hot-rolled sheet is the largest segment of the Iron & Steel Manufacturing in Canada.
Trends and Insights
High-temperature processing provides hot-rolled sheets for versatile applications
- Hot-rolled sheets are primarily used in applications where dimensional tolerances and surface finish are less critical. They are commonly employed in structural components for buildings, bridges and infrastructure and in manufacturing railroad tracks, pipes and agricultural equipment.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Aluminum Manufacturing in Canada
- Nonferrous Metal Rolling & Alloying in Canada
Complementors
- Metal Pipe & Tube Manufacturing in Canada
- Steel Rolling & Drawing in Canada
International industries
- Iron & Steel Manufacturing in the US
- Iron Smelting and Steel Manufacturing in Australia
- Iron & Steel Manufacturing in the UK
- Iron and Steel Smelting in China
Table of Contents
About this industry
Industry definition
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.
What's included in this industry?
Direct reduction of iron oreManufacturing and converting ferroalloysProducing steel through the use of open hearth furnacesManufacturing cold-rolled and hot-rolled steel productsManufacturing basic steel shapes, such as bar, plate, rod, sheet, strip and wireForming pipes and tubes from self-produced steelManufacturing and converting pig ironProducing steel through the combination of coke and iron ore in blast furnacesProducing steel by melting recycled scrap steel, usually with pig iron, in electric arc furnacesCompanies
ArcelorMittalStelcoEvrazPurchase this report to view all 4 major companies in this industry.
Related Terms
BLAST FURNACECOKEFERROALLOYPIG IRONELECTRIC ARC FURNACEIndustry Code
NAICS 331110 - Iron & Steel Manufacturing in Canada
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Iron and steel prices have increased, boosting revenue. Manufacturers pass cost hikes to customers, driving revenue growth amid fluctuating commodity prices and economic disr...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Manufacturers continue advancing surface treatment technologies for hot-rolled sheets, including coatings and plating techniques like galvanizing. These advancements enhance ...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Ontario and Quebec lead Canada's steel and iron manufacturing. Together, they dominate the industry, leveraging advanced infrastructure, raw material access and proximity to ...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each province
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each province in 2024
- Number and share of revenue each province accounts for in 2024
- Number and share of wages each province accounts for in 2024
- Number and share of employees in each province in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
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.
Analyst insights
Companies focus on improving operational efficiency and cost management to remain competitive in the industry. They optimize production processes and minimize expenses to ach...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
On July 15, 2024, Cleveland-Cliffs announced that it had entered into a definitive agreement to acquire Stelco Holdings. This marks Cleveland-Cliffs' first acquisition since ...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of ArcelorMittal's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Stelco's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Evraz's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for one additional company
Detailed analysis
- Description and key data for ArcelorMittal, and factors influencing its performance in the industry
- Description and key data for Stelco, and factors influencing its performance in the industry
- Description and key data for Evraz, and factors influencing its performance in the industry
- Description, key data and performance trends for one additional company
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Multiple environmental regulations contribute to high operating costs. Manufacturers must comply with air, water and waste regulations to reduce their contribution to polluti...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
The industry has experienced high profit volatility. The pandemic caused capacity utilization to drop in 2020, reducing profit. Government stimulus in 2021 spurred demand and...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Assets (2017-2022)
- Liabilities (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
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.
What data sources do IBISWorld analysts use?
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 Canada include:
- Statistics Canada
- Industry Canada
- Canadian Business Patterns
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:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
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.
How does IBISWorld forecast its data?
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.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Iron & Steel Manufacturing industry in Canada in 2024?
The market size of the Iron & Steel Manufacturing industry in Canada is $16.7bn in 2024.
How many businesses are there in the Iron & Steel Manufacturing in Canada industry in 2024?
There are 106 businesses in the Iron & Steel Manufacturing industry in Canada, which has declined at a CAGR of 0.2 % between 2019 and 2024.
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 1.8 % between 2019 and 2024.
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 market in Canada?
The biggest companies operating in the Iron & Steel Manufacturing market in Canada are ArcelorMittal, Stelco and Evraz
What does the Iron & Steel Manufacturing in Canada include?
Direct reduction of iron ore and Manufacturing and converting ferroalloys are part of the Iron & Steel Manufacturing industry.
Which companies have the highest market share in the Iron & Steel Manufacturing in Canada?
The company holding the most market share in Canada is ArcelorMittal.
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.
