Iron & Steel Manufacturing in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: September 2024
NAICS 33111Revenue
$139.6bn
Past 5-Year Growth
Profit
$XX.Xbn
Employees
80,713
Businesses
235
Wages
$X.Xbn
Iron & Steel Manufacturing in the US industry analysis
The iron and steel manufacturing industry has grown at a CAGR of 4.9% to an estimated $139.6 billion in 2024, driven primarily by commodity price increases, with production volumes experiencing mixed trends. Prices for iron and steel have historically exhibited high volatility. Factors such as growing demand from developing economies, disruptions in supply chains due to COVID-19 and geopolitical tensions, notably the Russian-Ukraine conflict, have contributed to this volatility. Production volumes were bolstered by construction sector activity early in the period but later declined due to lower demand from commercial property and housing sectors, driven by rising mortgage rates and pandemic-related impacts.
Trends and Insights
- The current performance is primarily influenced by rising commodity prices, such as iron ore and raw steel, which have contributed to revenue growth.
- Manufacturers continue to advance in surface treatment technologies for hot-rolled sheets, such as coatings and plating techniques like galvanizing, enabling them to offer products with enhanced corrosion resistance, improving durability and visual appearance.
- Proximity to raw material sources impacts geographic concentration, as companies often choose locations close to sources of raw materials like iron ore, coal, and scrap metal to reduce transportation costs and ensure a stable supply chain.
- Companies focus on improving operational efficiency and cost management to remain competitive in the industry, optimizing production processes and minimizing expenses.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 4.9 % over the past five years, to reach an estimated $139.6bn in 2024.
Trends and Insights
Industry growth has been driven primarily by higher price, with production volumes experiencing mixed trends
- Products in this industry are made mainly from iron and steel scrap, which generally trend in line with the prices of iron ore and raw steel. Like other commodities, iron and steel have historically experienced high price volatility.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
China’s domestic demand for steel and iron is expected to remain weak in the near term, supporting lower projected global prices for iron and steel in the coming years
- As China’s housing market continues to face additional pressures from structural factors, including demographic change, the need for additional housing is expected to diminish in the coming years, resulting in declining real estate investments through 2026 and gradual growth thereafter.
Biggest companies in the Iron & Steel Manufacturing in the US
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Nucor Corporation | 27,761.4 | 3,705.0 | 13.3 | |
Cleveland-Cliffs Inc. | 19,222.4 | 1,136.4 | 5.9 | |
United States Steel Corp | 12,335.2 | 695.2 | 5.6 |
To view the market share and analysis for all 17 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 sheets and strips, Cold-rolled sheets and strips and Hot-rolled bars and shapes. Hot-rolled sheets and strips is the largest segment of the Iron & Steel Manufacturing in the US.
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 the US
- Nonferrous Metal Rolling & Alloying in the US
- Carbon Fiber & Graphene Manufacturing in the US
Complementors
- Metal Pipe & Tube Manufacturing in the US
- Steel Rolling & Drawing in the US
- Copper Rolling, Drawing & Extruding in the US
International industries
- Iron & Steel Manufacturing in Canada
- 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
Companies in this industry manufacture pig iron, steel and ferroalloys. Pig iron is often manufactured in a blast furnace or via newer direct-reduction methods. Steel may be manufactured in basic oxygen furnaces (newly made steel) or electric arc furnaces (recycled steel). This 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.
What's included in this industry?
Direct reduction of iron oreManufacturing 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 furnacesProducing steel through the use of open-hearth furnacesManufacturing cold-rolled and hot-rolled steel productsManufacturing basic steel shapes (e.g. bar, plate, rod, sheet, strip and wire)Forming pipes and tubes from self-produced steelManufacturing and converting ferroalloysCompanies
Nucor CorporationCleveland-Cliffs Inc.United States Steel CorpPurchase this report to view all 17 major companies in this industry.
Related Terms
BLAST FURNACEELECTRIC ARC FURNACE OPEN-HEARTH FURNACECOKEMINIMILLPIG IRONFERROALLOYIndustry Code
NAICS 33111 - Iron & Steel Manufacturing in the US
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
The current performance is primarily influenced by rising commodity prices, such as iron ore and raw steel, which have contributed to revenue growth.
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 to advance in surface treatment technologies for hot-rolled sheets, such as coatings and plating techniques like galvanizing, enabling them to offer pro...
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
Proximity to raw material sources impacts geographic concentration, as companies often choose locations close to sources of raw materials like iron ore, coal, and scrap metal ...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state 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, optimizing production processes and minimizing expenses.
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
If regulators approve the anticipated acquisition of US Steel by Nucor, it may lead to a significant increase in industry concentration. This acquisition was blocked in Septe...
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 Nucor Corporation's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Cleveland-Cliffs Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of United States Steel Corp's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 14 additional companies
Detailed analysis
- Description and key data for Nucor Corporation, and factors influencing its performance in the industry
- Description and key data for Cleveland-Cliffs Inc., and factors influencing its performance in the industry
- Description and key data for United States Steel Corp, and factors influencing its performance in the industry
- Description, key data and performance trends for 14 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Multiple environmental regulations result in high operating costs, as manufacturers must comply with air, water and waste regulations to reduce their contribution to pollution...
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
Capital expenditures in the industry are relatively high, as compared to the broader manufacturing sector as well as the Primary Metal Manufacturing industry, representing add...
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
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (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 the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
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 in the US industry in United States in 2024?
The market size of the Iron & Steel Manufacturing in the US industry in United States is $139.6bn in 2024.
How many businesses are there in the Iron & Steel Manufacturing in the US industry in 2024?
There are 235 businesses in the Iron & Steel Manufacturing in the US industry in United States, which has declined at a CAGR of 5.5 % between 2019 and 2024.
Has the Iron & Steel Manufacturing in the US industry in United States grown or declined over the past 5 years?
The market size of the Iron & Steel Manufacturing in the US industry in United States has been growing at a CAGR of 4.9 % between 2019 and 2024.
What is the forecast growth of the Iron & Steel Manufacturing in the US industry in United States over the next 5 years?
Over the next five years, the Iron & Steel Manufacturing in the US industry in United States is expected to grow.
What are the biggest companies in the Iron & Steel Manufacturing in the US market in United States?
The biggest companies operating in the Iron & Steel Manufacturing market in United States are Nucor Corporation, Cleveland-Cliffs Inc. and United States Steel Corp
What does the Iron & Steel Manufacturing in the US in United States include?
Direct reduction of iron ore and Manufacturing and converting pig iron are part of the Iron & Steel Manufacturing in the US industry.
Which companies have the highest market share in the Iron & Steel Manufacturing in the US in United States?
The company holding the most market share in United States is Nucor Corporation.
How competitive is the Iron & Steel Manufacturing in the US industry in United States?
The level of competition is high and steady in the Iron & Steel Manufacturing in the US industry in United States.
