In this piece, we are going to look at 15 Biggest Steel Companies in the US. If you wish to skip our detailed analysis of the global steel industry, along with a quick peek at the U.S. market as well, you can go directly to 5 Biggest Steel Companies in the US.
The steel market is on the rise: with global demand set to increase by 20-30 million tonnes in 2024, reaching nearly $479 billion market size from $452.66 in 2023, the outlook is looking positive.
While China might see a slight dip in demand due to changes in sectors, other regions like Southeast Asia, Turkiye, Europe, the US, and Brazil will drive growth. In India, steel consumption is expected to surge by 9% in the financial year ending March 2025, with a 12% increase seen in the previous year. This robust growth is set to be absorbed by production capacity expansions, keeping margins healthy.
In contrast, Europe is gearing up for a steel demand recovery in 2024 after a lackluster 2023. Factors like automotive needs, industrial production, and infrastructure projects will boost demand, with better margins expected as cost pressures ease.
Over in North America, steel demand is looking positive, with new supply matches growth. US producers are focusing on higher value production to increase profitability, keeping prices steady even as they soften slightly from recent peaks. The steel industry is shaping up for a solid future ahead!
So in January 2024, the total global steel production for the 71 countries (encompassing 98% of the global steel production) was about 148.1 million tonnes. Compared to the same period in January 2023, there was a slight 1.6% decrease. Taking a closer look at the top 10 steel-producing countries for that month, here’s the scoop: China led the pack with around 77.2 million tonnes, showing a 6.9% dip from the previous year. India rocked it with 12.5 million tonnes, marking a solid 7.3% increase. Japan hit around 7.3 million tonnes, up by 0.6%. The United States produced about 6.8 million tonnes, with a slight 0.3% drop. Russia was at 6.2 million tonnes, showing a modest 1.2% increase, followed by South Korea at 5.7 million tonnes, up by 1.5%.
In context of America, Nucor is at the top of the steel game, boasting assets worth a cool $32.479 billion. With 23 plants up and running, Nucor cranked out 20.50 million tons of different steel varieties in 2022. They’re definitely a force to be reckoned with in the steel industry!
The US steel industry has made some serious strides in being eco-friendly! They’ve slashed CO2 emissions by 37% and energy use by 32% since 1990. And check this out – the US steel industry recycles a whopping 14 million tons annually from old vehicles. Actually, the American steel scene is known for being super clean and energy-efficient worldwide. They’re all about recycling, natural gas, and electric arc furnaces, making them top-notch in the industry. With a sharp focus on sustainable steel, steelmakers in U.S. are making a real difference. The US steel industry is a major player, adding over $520 billion to the economy and supporting a massive 2 million jobs, as of 2024.
With this, let’s now move on to our list of 15 Biggest Steel Companies in the US.
An aerial view of an industrial plant manufacturing welded pipes and tubes from stainless steel and galvanized carbon.
Methodology
To create this list of 15 Biggest Steel Companies in the US for you, we referred to Finviz to gather the data related to the biggest steel companies in America. We chose the market capitalization metric to rank the companies. Thus, based on the companies’ market capitalization, as of the date of writing this article, we present to you our list of 15 Biggest Steel Companies in the US.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
15. Inno Holdings Inc. (NASDAQ:INHD)
Market Capitalization ($): 19.1 million
15th on our list of 15 Biggest Steel Companies in the US is Inno Holdings Inc. (NASDAQ:INHD), which is all about building tech, focusing on making cold-formed-steel parts and even prefab homes. They’ve got products like Cold-Formed Steel Framing and Castor Cube in their lineup.
Recently, in the first quarter ending on December 31, 2023, Inno Holdings Inc. (NASDAQ:INHD) shared their financial results. Sales were at $0.166617 million, down from $0.309001 million the previous year. Their net loss also changed to $0.801518 million compared to $0.841005 million last year. Basically, the loss per share from regular operations was at $0.04 now, down from $0.05 last year. Looks like Inno Holdings Inc. is working hard to navigate the business landscape!
14. Ascent Industries Co. (NASDAQ:ACNT)
Market Capitalization ($): 108.9 million
Ascent Industries Co. (NASDAQ:ACNT) is all about making metal and chemicals. They produce stainless-steel and other alloy pipes, along with fiberglass and steel tanks. They also deal in carbon pipes and tubes, plus make storage solutions and separation gear.
In December 2023, Ascent Industries Co. (NASDAQ:ACNT) sold off the Specialty Pipe & Tube business for a cool $55 million in cash. This move helps clear up their operations and lets the Ascent Tubular team hone in on what they do best for future growth. Looks like Ascent’s streamlining for success!
13. Friedman Industries, Incorporated (NYSE:FRD)
Market Capitalization ($): 123.3 million
For over five decades, Friedman Industries, Incorporated (NYSE:FRD) has had its customers’ backs, dishing out top-notch products pronto. Founded back in ’65 and hailing from Longview, Texas, Friedman works its magic through the Flat Roll Division and the Tubular Division. It is 12th on our list of 15 Biggest Steel Companies in the US.
In the last quarter of 2023 ending 31 December, Friedman Industries, Incorporated (NYSE:FRD) hit the spotlight with a boost in hot-rolled coil prices, which pumped up their margins. In the quarter, Friedman Industries Inc. really brought in the numbers! Their sales rocked at around $116.0 million, while their operations earnings hit a solid $6.2 million. Plus, they wrapped up the quarter with net earnings landing nicely at roughly $1.2 million.
12. Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP)
Market Capitalization ($): 191.9 million
Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP) is all about making some top-notch specialty steels in the US. They deal in stainless steel, tool steel, and other alloyed steels. And get this – they recently shared their quarterly financial update for the end of 2023.
Looks like things are looking up with record-breaking sales expected to hit between $78 and $80 million, way up from previous quarters and the year before. For the whole of 2023, Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP) are looking at sales in the range of $284 to $286 million, quite a leap from the $202 million in 2022.
11. Mesabi Trust (NYSE:MSB)
Market Capitalization ($): 229.9 million
Mesabi Trust (NYSE:MSB), a royalty trust hailing from back in ’61, cashes in on iron mining near Babbitt, Minnesota. They rake in money through royalties from mining in the Mesabi Iron Range. In particular, they’ve got eyes on the Peter Mitchell mine, run by Northshore Mining Company, a Cleveland-Cliffs Inc. arm.
In January 2024, Mesabi Trust (NYSE:MSB) declared a sweet payout of $0.37 per Unit of Beneficial Interest for Unitholders scheduled for February 20, 2024. It is 10th on our list of 15 Biggest Steel Companies in the US.
10. Radius Recycling, Inc. (NASDAQ:RDUS)
Market Capitalization ($): 538.5 million
Radius Recycling, Inc. (NASDAQ:RDUS), formerly known as Schnitzer Steel Industries, is a big player in steel manufacturing and scrap metal recycling based out of Portland, Oregon. They’ve been around since way back in 1906.
Just recently, Radius Recycling, Inc. (NASDAQ:RDUS) shared a peek into their 2024 second-quarter performances – quarter ending February 29 2023. They ran into a bit of a rough patch, with a net loss hitting around $(35) million and a loss per share from continuing operations tumbling between $(1.19) and $(1.24). Adjusted EBITDA dipped to around $2 million, while adjusted loss per share wandered between $(1.05) and $(1.10). Seems like tight supply flows and some rainy weather were a bit rough on their sales and metal spreads in the second quarter.
9. Olympic Steel, Inc. (NASDAQ:ZEUS)
Market Capitalization ($): 730.5 million
8th on our list of 15 Biggest Steel Companies in the US is Olympic Steel, Inc. (NASDAQ:ZEUS), which is a metals service center out of Cleveland, Ohio, and has been rolling with carbon, coated & stainless steel, and aluminum & tin plates across the US.
For the full year up to December 31, 2023, they raked in sales at $2,158.16 million, down from $2,559.99 million the year before. Their net income took a dip too, coming in at $44.53 million compared to $90.93 million last year. Basic and diluted earnings per share from continuing operations both landed at $3.85, down from $7.87 a year ago.
8. Metallus Inc. (NYSE:MTUS)
Market Capitalization ($): 938.8 million
Metallus Inc. (NYSE:MTUS), formerly TimkenSteel Corp, is all about the steel game, churning out steel works, blast furnaces, and rolling mills. They’ve been rocking it with their specialty metals and top-quality components.
In their latest update for the fourth quarter of 2023, ending on December 31, Metallus Inc. (NYSE:MTUS) hit a solid $328.1 million in net sales and banked $1.3 million in net income, or about $0.03 per diluted share. After some finetuning, they boosted the net income to $16.5 million, hitting $0.36 per diluted share, with a handsome adjusted EBITDA of $35.7 million.
7. Worthington Steel, Inc. (NYSE:WS)
Market Capitalization ($): 1.48 billion
Worthington Steel, Inc. (NYSE:WS) is a big player in the steel game, making top-notch consumer and building products in North America. Worthington Steel, Inc. (NYSE:WS) just shared their financial report for the second quarter of fiscal 2024, ending on November 30, 2023. Sales hit $808 million, but they saw a net loss of $6 million, or $0.12 per diluted share. Last year’s second quarter was a bit stronger with net sales at $868.4 million, but they faced a loss of $15.8 million back then.
6. Commercial Metals Company (NYSE:CMC)
Market Capitalization ($): 6.28 billion
So, get this – Commercial Metals Company (NYSE:CMC), chilling in Irving, Texas, makes the rebar that reinforces buildings and such in the US. Commercial Metals Company (NYSE:CMC) are one of the top dogs, along with Nucor, for steel that beefs up concrete in our roads and structures.
In the first quarter of 2024, wrapping up on December 31, 2023, things were a bit down for them. Revenue took a dip to $2 billion, a 10% fall from last year. Net income also slid by 33% to $176.3 million, with the profit margin dropping to 8.8% from 12% in the previous year. Looks like the revenue slump played a big role in that profit margin dip.
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Disclosure: None. 15 Biggest Steel Companies in the US is originally published on Insider Monkey.