Steeling the show: Import competition and falling prices will hinder industry growth

IBISWorld’s Iron & Steel Manufacturing market research report offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.


Industry Threats & Opportunities

  • Import competition will continue to increase, pushing uncompetitive operators out of the market
  • Industry operators have increasingly sought assistance from the federal government for trade-related protection methods
  • Specialty steel will continue to be an important input in motor vehicle manufacturing

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    Industry Analysis & Industry Trends

    The Iron and Steel Manufacturing Industry has endured exceptionally difficult operating conditions over the five years to 2017. Industry revenue follows fluctuations in the world price of steel products, which reflects global supply and demand trends. Ultimately, downward pressure on steel prices due to global overcapacity, coupled with the sharp appreciation of the US dollar in recent years, has presented a significant challenge to domestic steel producers. Revenue is expected to decline as industry operators continue to struggle with historically low steel prices, poor domestic demand from industrial markets and intense competition from imports, despite increased government assistance in the form of trade policies...

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    Industry Report - Industry Key Buyers Chapter

    The Iron and Steel Manufacturing industry is moderately concentrated, with the four largest players accounting for an estimated 51.7% of industry revenue. Over the past decade, consolidation was primarily driven by considerable industry restructuring and merger activity, which occurred heavily in the early part of the decade but has since slowed down. Nonetheless, the total number of industry operators has decreased at an annualized rate of 0.8% over the five-year period, to 397 in 2017, as underperforming companies were forced to merge with larger competitors or exit the industry altogether.

    Consolidation, and therefore industry concentration, is expected to continue an upward trend in the next five years. Thi..

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    Additional Insights for the Iron & Steel Manufacturing Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Iron & Steel Manufacturing Industry are

  • Ability to pass on cost increases
  • Output is sold under contract
  • Marketing of differentiated products
  • IBISWorld analysts also discuss how external factors such as World price of steel and Trade-weighted index in the Iron & Steel Manufacturing industry impact industry performance..

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    Industry Products

    What is the Iron & Steel Manufacturing Industry?

    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 in 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 themselves.

    Industry Products
    Hot-rolled sheets and strips
    Cold-rolled sheets and strips
    Hot-rolled bars and shapes
    Cold-finished bars and shapes
    Steel ingots and semi-finished shapes
    Tubular products
    Industry Activities
    Direct reduction of iron ore
    Manufacturing and converting pig iron
    Producing steel through the combination of coke and iron ore in blast furnaces
    Producing steel by melting recycled scrap steel, usually with pig iron, in electric arc furnaces
    Producing steel through the use of open-hearth furnaces
    Manufacturing cold-rolled and hot-rolled steel products
    Manufacturing basic steel shapes (e.g. bar, plate, rod, sheet, strip and wire)
    Forming pipes and tubes from self-produced steel
    Manufacturing and converting ferroalloys

    Table of Contents

    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    Executive Summary
    Key External Drivers
  • World price of steel
  • Trade-weighted index
  • Industrial production index
  • Demand from car and automobile manufacturing
  • Value of construction

  • Current Performance
  • Volatile steel prices and domestic drivers
  • International trade and industry assistance
  • Industry structure
  • Chart: Revenue Growth

  • Industry Outlook
  • Construction and automotive
  • International trade and industry structure
  • Broader outlook
  • Table: Iron & Steel Manufacturing Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Iron & Steel Manufacturing Industry Lifecycle vs The Economy

  • Products & Markets
    Supply Chains
    Key Buying Industries
  • Construction
  • Metal Pipe & Tube Manufacturing
  • Steel Rolling & Drawing
  • Ferrous Metal Foundry Products
  • Car & Automobile Manufacturing
  • SUV & Light Truck Manufacturing
  • Truck & Bus Manufacturing
  • Truck, Trailer & Motor Home Manufacturing

  • Key Selling Industries
  • Coal Mining
  • Copper, Nickel, Lead & Zinc Mining
  • Electric Power Transmission
  • Iron Ore Mining

  • Products & Services
  • Hot-rolled bars and shapes
  • Hot-rolled sheets and strips
  • Cold-rolled sheets and strips
  • Steel ingots and semi-finished shapes
  • Other
  • Tubular products
  • Cold-finished bars and shapes
  • Chart: Iron & Steel Manufacturing Industry Products and Services Segmentation

  • Demand Determinants
  • Other trends

  • Major Markets
  • Construction
  • Automotive
  • Exports
  • Machinery manufacturers
  • Other markets
  • Energy
  • Container
  • Defense
  • Chart: Major Market Segmentation for the Iron & Steel Manufacturing Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Purchases
  • Wages
  • Other costs and depreciation
  • Chart: Cost Structure Benchmarking – Sector vs Iron & Steel Manufacturing

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Iron & Steel Manufacturing Industry

  • Industry Globalization
    Major Companies
    Nucor Corp.ArcelorMittalUnited States Steel Corp.Steel Dynamics Inc.AK Steel Holding Corp.
  • Table: Nucor Corp. - financial performance
  • Table: ArcelorMittal - financial performance
  • Table: United States Steel Corp. - financial performance
  • Table: Steel Dynamics Inc. - financial performance
  • Table: AK Steel Holding Corp. - financial performance

  • Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Iron & Steel Manufacturing Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Key Statistics
    Table: Industry Data for the Iron & Steel Manufacturing Industry
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Exports (2008-2022)
  • Imports (2008-2022)
  • Wages (2008-2022)
  • Price of Steel (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Table: Industry Financial Ratios
    Jargon & Glossary
    Blast Furnace
  • A furnace used in integrated steelmaking, in which coke and iron ore react together under a hot air flow to form steel.
  • Coke
  • A high-carbon solid produced by heating coal in an oven to drive off volatile components.
  • Electric Arc Furnace
  • A furnace for scrap-based steelmaking, in which scrap steel is melted and recycled.
  • Ferroalloy
  • An iron alloy with a high proportion of one or more other elements that is used in the production of steel as a raw material.
  • Mini-Mill
  • A steel producer that obtains most of its iron from recycled scrap steel and primarily uses electric arc furnaces.
  • Open Hearth Furnace
  • A furnace for steelmaking, in which carbon and other impurities are burnt off pig iron to produce steel.
  • Pig Iron
  • The intermediate product of smelting iron ore with coke; usually transferred in molten form to steelmaking furnaces.
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    This report on Iron & Steel Manufacturing:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Iron & Steel Manufacturing market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Iron & Steel Manufacturing, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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