The Iron and Steel industry has grown over the decades to be largest sectors and businesses in the world. The top iron & steel companies are Arcelor Mittal, VALE, Nippon Steel & Sumitomo Metal, POSCO & JFE Steel along with brands like Baosteel, TATA Steel, Hyundai Steel, Kobe Steel and NUCOR. It continues to contribute to the major industries like Manufacturing, Construction, Automobiles, Defense and Transportation etc. In fact we can see Iron and Steel products in every aspect of our daily lives. To remind once, Steel is an alloy of Iron and other elements like Carbon etc. The wide application of steel products comes from their tensile strength and low costs. Consumption of steel products is largely dependent on the growth of the national economy which means the steel industry is cyclical in nature. The consumption of steel in the world is measured in crude steel production terms as crude steel would later be converted to various forms of steel products. Here is the list of the top 10 Iron and Steel Companies in the world 2016.
The U.S Steel Company Nucor was founded by Samuel Siegel and Ransom E Olds in the year 1905 and is headquartered in Charlotte, North Carolina.
Image: company website
Main operations of the company through three segments: Steel Products, Steel Mills and Raw Materials. The Steel Products segment produces the steel fasteners, steel joists, metal building materials and systems, fabricated concrete reinforcing steel, light gauged steel framing and grating, wire & wire mesh products.
The Steel Mills segment produces and distributes the structural steel, plate steel, sheet steel and bar steel Mills. The Raw Materials segment produces brokers’ ferrous and nonferrous metals and direct reduced iron among many. Nucor is the largest recycler of any raw material in North America, having the recycling ability of 1 ton of steel every 2 seconds.
In 2015, Nucor earned $358 million, compared with consolidated net income of $714 million in 2014. Total net sales reduced by nearly 22% to $16.4 billion compared with $21 billion in 2014. Total tons shipped to outside Customers reduced. The average scrap and scrap substitute cost used saw a decrease of 29% from $381 to $270 per ton. Despite the poor market scenario, many business groups saw high performance over the previous year, which includes bar and structural steel divisions and the steel products group. Unfortunately, significant market headwinds resulted in lower performance for our sheet and plate divisions compared to 2014.
Nucor has also joined other U.S. steel companies in filing trade cases for several flat-rolled products, including corrosion-resistant, hot-rolled and cold-rolled steel. The International Trade Commission has made preliminary determinations of injury in all three cases, allowing the investigations to proceed. Nucor Corporation continues to assess the market conditions in other product areas and pursue cases to benefit itself and the steel industry.