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Iron & Steel Manufacturing in the US - Market Research Report (2014-2029)

Vlad Khaustovich Vlad Khaustovich New York, United States Last Updated: October 2024 NAICS 33111

Revenue

$139.6bn

2024

$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

  • Rising commodity prices influenced current performance. Increases in iron ore and raw steel prices have significantly contributed to revenue growth.
  • Manufacturers are making advancements in surface treatment technologies for hot-rolled sheets, including coatings and plating techniques like galvanizing. These improvements allow them to offer products with enhanced corrosion resistance, improving both durability and visual appearance.
  • Proximity to raw material sources impacts geographic concentration. 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.
  • To remain competitive in the industry, companies focus on enhancing operational efficiency and cost management. They achieve this by optimizing production processes and minimizing expenses.

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  • Market estimates from 2014-2029
  • Critical performance data and rankings
  • Detailed analysis of competitive forces and the external environment
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Industry Statistics and Trends

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
Iron & Steel Manufacturing in the US
Revenue (2014-2029)
IBISWorld Logo 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
26,026.2
2,673.6
10.3
Cleveland-Cliffs Inc.
17,471.3
-155.5
-0.9
United States Steel Corp
11,939.0
359.2
3.0

To view the market share and analysis for all 16 top companies in this industry, view purchase options.

Products & Services Segmentation

Iron & Steel Manufacturing in the US
Products & Services
IBISWorld Logo 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

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 ferroalloys

Companies

Nucor CorporationCleveland-Cliffs Inc.United States Steel Corp

Purchase this report to view all 16 major companies in this industry.

Related Terms

BLAST FURNACEELECTRIC ARC FURNACE OPEN-HEARTH FURNACECOKEMINIMILLPIG IRONFERROALLOY

Industry Code

NAICS 2017

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

Rising commodity prices influenced current performance. Increases in iron ore and raw steel prices have significantly 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 are making advancements in surface treatment technologies for hot-rolled sheets, including coatings and plating techniques like galvanizing. These improvements ...

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. Companies often choose locations close to sources of raw materials like iron ore, coal, and scrap metal to...

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

To remain competitive in the industry, companies focus on enhancing operational efficiency and cost management. They achieve this by optimizing production processes and minim...

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 13 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 13 additional companies

External Environment

Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.   

Analyst insights

Compliance with multiple environmental regulations leads to high operating costs for manufacturers. They must adhere to air, water, and waste standards to reduce their pollut...

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 faces relatively high capital expenditures compared to both the broader manufacturing sector and the Primary Metal Manufacturing industry. This presents addition...

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)

Top Questions Answered

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.

Related Industries

Widen your 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

View all industries in United States

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.

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