Just about everything – from the roof over your head to the device you’re reading this on – contains steel. It is one of the most commonly used materials in the world and has been for quite some time.

World crude steel production added up to about 1.662 billion tons in 2014, based on the 2014 World Crude Steel Production Performances reported by the World Steel Association (worldsteel). Yet despite these numbers, the outlook for the steel industry suggests slow growth for global steel demand, which is mostly a result of the deceleration in China and structural adjustments in most world economies.

Nevertheless, The World Steel Association’s Short Range Outlook (SRO) for 2015 and 2016 notes that even though the growth is expected to be slow, demand is still growing. They forecast that the apparent steel growth will increase by 0.5% in 2015 and 1.4% in 2016. Additionally, in developing and emerging nations, there is an increased optimism for growth, as the steel markets are beginning to exhibit the characteristics of mature markets.

For more information on The World Steel Association’s expected outcomes for 2015 and 2016, click here.

So, which countries claim the spots of the world’s top steel producers for now? Read on to find out and to learn some interesting steel-related facts about each.

5. South Korea

Crude Steel Production: 71 million tons

Interesting Fact:

Rising 270 meters above sea level, The Yi Sun-shin Bridge was opened in 2012 and links the cities of Gwangyang and Yeosu. It is the first suspension bridge to be made solely with Korean state-of-the-art technology and equipment, including 26,000 tons of steel rods and 24,000 tons of steel products. Extending 2,260 meters, it is the longest in Korea and the fourth longest in the world, surpassing even the Golden Gate Bridge. (Source: http://bit.ly/1crFdzx)

4. India

Crude Steel Production: 83.2 million tons

Interesting Fact:

The Lotus Temple, a Bahá’í House of Worship, is one of Delhi’s most iconic architectural feats and was designed in the form of a lotus flower to symbolize the religion’s cornerstones of purity and simplicity. The lotus has three sets of leaves or petals which are made out of thin concrete shells. At the top, a glass and steel roof provides protection from the elements and facilitates the entry of natural light. The temple also utilizes a number of steel reinforcements and structural steel staging. (Source: http://bit.ly/1zWQCTh)

3. United States

Crude Steel Production: 88.3 million tons

Interesting Fact:

In 1943, more than 1 billion pennies were made with steel because the United States was, at the time, engaged in World War II and copper was being rationed to make artillery. Steel pennies weigh 2.70 grams and are fairly lighter than traditional copper Lincoln pennies that weigh 3.11 grams. Today, these pennies are quite popular among coin collectors and are worth about 25-75 cents each. (Source: http://bit.ly/1cooLjx)

2. Japan

Crude Steel Production: 110.7 million tons

Interesting Fact:

Tokyo Tower, a communications and observation tower in Japan’s capital city, was built in 1958. It was constructed of steel, a third of which was scrap metal taken from 90 US tanks damaged in the Korean War. At 4,000 tons, it is significantly lighter than the Eiffel Tower, which weighs 7,000 tons, a result of exceptional advances in construction technology and steel manufacturing. (Source: http://bit.ly/1K3tHbS)

1. China

Crude Steel Production: 822.7 million tons

Interesting Fact:

The Chinese were the first people to combine carbon and iron to make steel. They’ve been making it since the first century BC in blast furnaces powered by the Asian monsoon winds. In recent years, they’ve become the world’s largest producer of steel, and consume twice as much steel as the US, Europe and Japan combined. (Source: http://bit.ly/1KzAKpG)

Production rates according to the World Steel Association (worldsteel) 2014 World Crude Steel Production Performances.

On July 25th, POSCO held an investor relations conference call to announce that POSCO achieved a KRW 15.6 trillion in revenue, based on consolidated financial statements for Q2 2013, accompanied with an operating profit of KRW 903 billion and a net profit reaching KRW 241 billion.

KRW 7.74 Trillion Revenue Accomplished Solely by POSCO
Operating Profit Hits KRW 703 Billion Mark

Bolstered by the enhanced performance in steel sector and the increased level of contribution from construction, energy and ICT sectors, POSCO’s operating profit has increased by 25.9 percent from the previous quarter. The revenue and operating profit solely accomplished by POSCO reached KRW 7.74 trillion and KRW 703 billion.

POSCO’s Q2 2013 sales by product also increased from the last quarter, rocketed by selling 3.71 million tons of Top 4 high value-added products, including the products for automobile, energy, shipbuilding and home appliance. The figure improved by 3.5 percent QoQ. It is a meaningful advance made by POSCO because the total number of sales had been slightly decreased due to the restricted number of shaft furnaces at Gwangyang Steelworks. Notably, despite a weak yen, POSCO’s sales actually rose in China and Southeast Asia, the major competition markets, by 14.3 percent and 12.3 percent YoY.

Cumulative cost-saving result was completed at KRW 142.9 billion from raw materials and KRW 45.5 billion from materials. With the boost, POSCO is expecting to generate an annual cost-saving cash flow of about KRW 730 billion. Notably, the cost-savings from manufacturing molten iron is forecasted to stretch at KRW 100 billion as the world’s biggest ‘Furnace 1’ at Gwangyang Steelworks has successfully launched its operation in June.

Global Steel Demands Expected to Rise by 3%
Steel Price in China Can Recover After Q3

For this year, the outlook for the global steel manufacturing market indicates that the demand curve could pick up by 3 percent from last year with the demand growth trend remaining bullish at 6 percent in Southeast Asia and other emerging markets. China, the world’s biggest steel product market, is anticipated to recover its price of steel after the third quarter.

For 2013, POSCO has set its target for the annual consolidated revenue at KRW 64 trillion as well as POSCO’s independent revenue of KRW 32 trillion.