5. Russia
Production: 70.9 million tonnes
With steel companies in other countries worrying about the situation currently prevailing in the industry, suffering losses due to plummeting prices and laying off employees, Russia, the number 5 on our list of countries that produce the most steel in the world, is a country that is making profits from steel. The cost of production in Russia is extremely low compared to other countries, a feat that is providing considerable benefit to this huge country.
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