US Steel Market 2022-2027

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    Published- Nov 2022

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    US STEEL MARKET

     

    KEYFINDINGS

    1. In 2021, The US steel market reported sales volumes of XX MT and generated revenue of $XX B, and the market is estimated with a CAGR of XX percent, to reach an overall market value of $XX Billion by 2027.
    2. In 2021, the US was the 4th Biggest Producer of steel in the World. After China, India and Japan.
    3. Top 10 steel-producing countries produced approximately 72% of the total world production.
    4. Top steel producing company in the world is China’s Bauwo Group and the largest steel-producing company in the USA is Nucor corporation.
    5. Top 3 steel companies in the US operated 11 integrated steel mills which produced XX% of total steel produced in the US for the year 2021.
    6. Top 7 companies in the USA accounted for XX% of market share by value in 2021.
    7. 50 Companies in the US operated XX no. of mini mills in the US producing XX% of steel.
    8. Indiana State is the highest steel producing state in the US. It contributed XX% of steel of the total steel production in the US.
    9. Steel was produced by EAF and BOF processes, while the production percentage by each method is XX% and XX% respectively.
    10. Major challenges faced by US steel are fluctuations in raw material prices, environment regulations, overcapacity, rising prices of energy, Inflation, other substitutes of steel.
    11. GHG Scope 1 & 2 emissions intensity for Global steel industry average was XX while for the US was XX, for the year 2021.
    12. Companies have plans for becoming neutral. I.e. Steel Dynamics plans to go carbon neutral by 2050.
    13. Infra & Construction sector is the largest consumer of Steel in the USA and world wide followed by the Automotive industry.
    14. Carbon Steel is the highest produced steel among all types of steels produced among all grades of steel. In 2021, carbon steel market share was 89% by value and XX% by volume.
    15. Hot rolled steel had XX% market share by value in 2021 and XX% by volume.

     

    OVERVIEW

    The steel industry is vital to the economic competitiveness of the United States. Steel market is expected to escalate during the forecasting period 2022-2027. Steel serves as the backbone to automobiles, bridges, buildings, railroads and machinery and is an important component for national defence industry.

     

    US is the third largest steel producer in the world, with nearly 5.4% share in the world crude steel production, as well as one of the leading steel consumers.

     

    The industry has benefitted from soaring steel demand in the automotive, construction and oil & gas sectors. Additionally, the cost effective and highly efficient steel making technologies have worked as a catalyst and uplifted the US steel demand in the market.

     

    Steel is primarily produced using one of two methods: Blast Furnace or Electric Arc Furnace. The blast furnace is the first step in producing steel from iron oxides. The first blast furnaces appeared in the 14th century and produced one ton per day.

     

    infographic: US Steel Market, US Steel Market size, US Steel Market trends, US Steel Market forecast, US Steel Market risks, US Steel Market report, US Steel Market share

     The first electric arc furnaces (EAFs) appeared in the late 19th Century. The use of EAFs has expanded and now accounts for nearly 2/3 of steel production in the United States.

     

    The EAF is different from the blast furnace as it produces steel by using an electrical current to melt scrap steel and/or direct reduced iron. The EAF uses scrap steel and electricity to produce molten steel.

     

    Based on preliminary census bureau data, the AISI reported that the U.S. imported a total of 1888000 net tons of steel in February 2021, including 1424000 net tons of finished steel.

     

    In the week ending on April 3, 2021, domestic raw steel production was 1766000 net tons while the capability utilization rate was 77.9%. The current week production represents a 15.7% increase compared to last year, according to AISI industry reports.

     

    To know more about Europe Steel Market, read our report

     

    The American steel industry operates with the lowest energy consumption per ton of steel in the world. The American steel industry has reduced its CO2 emissions per ton of steel shipped by 37 percent since 1990.

     

    US STEEL MARKET IMPACT OF COVID-19

    Steel prices were played with three-year lows during much of the second half of 2019 before four rounds of price hikes reversed that trend.

     

    The construction and automotive sectors, the two major buyers in the US steel market, account for almost three-quarters of domestic steel consumption, according to American iron and steel institute (AISI) data. Construction accounts for 44% of steel shipments, according to AISI.

     

    From August to September 2020, U.S. imports of steel decreased by 2.6%. After a peak steel prices in Q3 2018, U.S. domestic prices for hot rolled band increased from $572 per metric ton in June 2020 to around $789 in November and were up to about 39.2% from one year earlier. Cold rolled coil prices increased from $759 per metric ton in June to $973 in November.

     

    POST PANDEMIC US STEEL MARKET VALUE

    According to data from world steel association reported that, for the month of January 2021, U.S. steel mills shipped 7,420,816 net tons which is a 5.3 percent increase from the 7,049,785 net tons shipped in the previous month, December 2020, and a 13.1 percent decrease from the 8,535,755 net tons shipped in January 2020.

     

    U.S. steel production was 6.1 million metric tons in September 2020, up 9.9% from August. September 2020 production was done 12.3% compared to September 2019 production level.

     

    US STEEL MARKET SEGMENTATION

     

    infographic: US Steel Market, US Steel Market size, US Steel Market trends, US Steel Market forecast, US Steel Market risks, US Steel Market report, US Steel Market share

    US Steel Market Based On Type

    • Crude Steel
    • Finished Steel (Flat, Long Speciality Products)

     

    US Steel Market Based On Grade of Steel

    • Alloy Steel 
    • Carbon Steel
    • Stainless Steel
    • Tool Steel 

     

    US Steel Market Based On Process

    • Hot Rolled
    • Cold Rolled 
    • Galvanized steel (Coated Steel)
    • Others (Cold drawn, forged cast steel)

     

    US Steel Market Based On End User Industry

    • Automotive Industry
    • Infrastructure and Construction Industry
    • Service centers & Distributors 
    • Machinery & Equipment Industry
    • Containers 
    • Others 

     

    US STEEL MARKET DYNAMICS

    The increase in the global automobile production is a major factor leading to the growth of the high strength steel market across the globe.

     

    The use of high strength steels for manufacturing body panels of automobiles increases their fuel efficiency by reducing their weight by approximately 60%.

     

    This, in turn, contributes to the growing demand for high strength steels from the automotive industry. The increasing demand for electric and hybrid vehicles across the globe is also expected to contribute towards the growth of the high strength steel market during the forecast period.

     

    infographic: US Steel Market, US Steel Market Size, US Steel Market Trends, US Steel Market Forecast, US Steel Market Risks, US Steel Market Report, US Steel Market Share

     

     

    The construction industry across the globe is also witnessing growth in the commercial and residential sectors. Factors such as improved employment opportunities, increased per capita income of masses, and adoption of luxurious lifestyle by the middle-class population are expected to drive the growth of the construction industry across the globe.

     

    This leads to the increased demand for high strength steels from the construction industry as high strength steels ensure reduced product thickness, enable improved toughness of products at low temperatures, and ensure their high-yield strengths. Moreover, these steels also have outstanding weldability.

     

    To know more about India Steel Market, read our report

     

    By bringing pig iron production to Gary Works, United States Steel Corporation has claimed that it is advancing its metallics strategy. Up to 500,000 tonnes of pig iron will be produced annually thanks to the roughly $60 million investment, which will also supply a vital raw material input for its electric arc furnaces (EAF). 

     

    Once finished, the Gary pig iron output is anticipated to provide approximately half of Big River Steel’s other ore-based metallics requirements, generate run-rate enterprise EBITDA benefits of over $30 million, and have an internal rate of return of more than 30%.

     

    Low-cost iron ore is a significant competitive advantage for U. S. Steel. A major competitive differentiation for the expanding fleet of electric arc furnaces is the ability to control this crucial input in the steelmaking process. 

     

    An crucial first step in converting our low-cost iron ore advantage to our EAF footprint and boosting efficiency at Gary Works is investing in pig iron.

     

    In addition to improving Big River Steel’s cost structure, the choice to self-fund pig iron production rather than contract it out is anticipated to generate value to Gary Works by increasing blast furnace efficiencies without diminishing Gary Works’ raw steel output. 

     

    Construction is anticipated to start in the first half of the year, and the permitting process is already under way.

     

    RECENT LAUNCH

    United States Steel Corporation has announced the location of its next-generation highly sustainable and technologically advanced steel mill in Osceola, Arkansas, next to the company’s cutting-edge Big River Steel factory. The facility is designed to combine cutting-edge technologies to build a steel mill of the future that provides profitable solutions for our customers.

     

    As the firm charts a bold course toward a more sustainable future, the new mill is meant to extend U. S. Steel’s customer benefits. Two advanced steelmaking electric arc furnaces (EAFs), a state-of-the-art endless casting and rolling line, and advanced finishing capabilities are scheduled to be included in the new optimised steel manufacturing facility.

     

    The company’s operations will benefit significantly from this first application of endless casting and rolling technology in the United States, in terms of energy, efficiency, and capabilities.

     

    A new partnership has been established by EQT Corporation, Equinor, GE Gas Power, Marathon Petroleum (including its affiliate MPLX), Mitsubishi Power, Shell Polymers, and U. S. Steel. This partnership will take the lead in decarbonizing the industrial base in the Northern Appalachian Region of the United States.

     

    In Ohio, Pennsylvania, and West Virginia, the alliance will collaborate with stakeholders to develop a shared vision for a low-carbon and hydrogen industrial hub that may serve as a national model for sustainable energy and production systems.

     

    Implementing this industrial cluster and the related infrastructure development successfully might lead to the creation of thousands of new employment, the protection of existing ones, and considerable reductions in carbon dioxide emissions.

     

    The hub concept will put an emphasis on hydrogen generation and use, as well as carbon capture, utilisation, and storage (CCUS).

     

    New degrees of cross-border and cross-sector public-private partnerships will be necessary for this comprehensive, regional approach. The alliance is striving to create a network of direct collaboration between business, labour, academia, communities, government, research institutions, non-profits, and other groups in these initiatives.

     

    The Northern Appalachian Region has a wealth of resources, including national laboratories and institutions of the highest calibre as well as a long history of industrial development with particular expertise in manufacturing, raw materials, and energy.

     

     The highly qualified and experienced workforce in the area, along with a robust and expanding startup ecosystem, all support this. This business-led partnership and network has the expertise, reach, and connections to materialise this transformative potential.

     

     

    TECHNOLOGICAL TRENDS  IN US STEEL MARKET

    Despite the fact that this procedure has been used for centuries, modern operations use artificial intelligence, robotics, computer models, and remote-controlled gear to monitor and control conditions inside the furnace. The time when workers manually checked conditions with handheld equipment while standing just feet away from molten metal is long gone.

     

    New technology, creative labour agreements, and straightforward economies of scale have significantly reduced the amount of work required to produce a tonne of steel. Less people on the shop floor and safer operations result from fewer but larger furnaces.

     

    In the United States, there are many more electric arc furnaces (EAFs) than blast furnaces (the global ratio is the opposite). Similar to blast furnaces, mini-mills have improved in efficiency thanks to advanced casting technology and clever manufacturing techniques. The usage of direct reduced iron (DRI) pellets or briquettes is one way to increase the product variety by switching the raw material.

     

    The range of goods that could be manufactured in electric arc furnaces has been expanded thanks to the introduction of DRI, which supplied an iron ore-based metallic. Due to their superior chemistry, these materials diluted the residual elements typically present in the scrap supply.

     

    Thanks to improvements in process control, product quality may now be predicted using sensors. This represents a significant advancement in effective and enhanced quality control thanks to the use of closed-loop technologies that automatically adapt to changes.

     

    Molten oxide electrolysis is a new technique that was first developed at MIT with the goal of using electricity to separate the oxygen from iron ore and producing O2 as a byproduct rather than CO2. The task of commercializing this technology for the steel sector belongs to Boston Metal.

     

    According to certain scientists, hydrogen presents one potential for a totally carbon dioxide-free method of producing steel. Coal is typically used in traditional blast furnaces to remove oxygen from iron ore, producing steel and CO2. According to the Fuel Cell & Hydrogen Energy Association, when hydrogen is used in place of coal for that operation, water (H2O) rather than carbon dioxide (CO2) is the byproduct.

     

    US STEEL MARKET COMPETITIVE LANDSCAPE

    The U.S. steel industry produced a projected 91 billion U.S. dollars in 2020, a 12 percent slump from the 2019 production value which was over 100 billion, with about 51 companies operating in the raw steel production market in the country. One of the largest steel producers in the United States is the North-Carolina-based Nucor Corporation.

     

    In the 2020 financial year, the steel producer recorded some 20 billion in revenue. In a global comparison of crude steel producers, Nucor was ranked fourteenth in 2020, producing around 25.49 million metric tons of crude steel. Other companies developing new technologies and lightweight steels as per the industry requirement to gain the demand in forecasting period 2022-2027 and reaching green steel production.

     

    infographic: US Steel Market, US Steel Market size, US Steel Market trends, US Steel Market forecast, US Steel Market risks, US Steel Market report, US Steel Market share

     

    Cleveland-Cliffs Inc., originally Cliffs Natural Resources, is an organization with headquarters in Cleveland, Ohio, that focuses on the mining, beneficiation, and pelletization of iron ore as well as steel production, including stamping and tooling. It is North America’s biggest producer of flat-rolled steel.

     

    For the second year in a row, General Motors awarded AK Steel the title of GM Supplier of the Year for Non Fabricated Steel. At the annual Ford World Excellence Awards, AK Steel also received a Smart Pillar Award from Ford for being a top-performing global supplier.

     

    The company’s products are utilized in landing gear, shaft collars, safety wires, power generation goods, intervertebral disc arthroplasty, engine valves, and weldings. Carpenter Technology Corporation develops, manufactures, and distributes stainless steels and corrosion-resistant alloys.

     

    American steel manufacturer Steel Dynamics, Inc., also referred to as “SDI,” is situated in Fort Wayne, Indiana. The corporation ranks as the third largest manufacturer of carbon steel products in the United States, with a steel production capacity of 13 million tonnes. In terms of profit margins and operating margin per tonne, it is one of the most profitable American steel producers.

     

     

    MAJOR CONTRIBUTING US STEEL MARKET COMPANIES

    Key suppliers of steel products in U.S. suppliers of Steel Stock and Formed steel shapes are:

    • Sabre Steel Inc: offers cold and hot rolled steel products in flat roll form, also supplies galvanized and electro-galvanized coated steels and have high carbon grade steels too.
    • A-1 Alloys: provided abrasion resistant and impact resistant steels, high temperature and corrosion resistant.
    • Eastern Steel Corp.: provides standard steel forms including bars, plates, grating, tubing, and angle shapes.
    • Zeeco Metals Inc: provides hot and cold rolled steel products and hot dipped and electro galvanized metals.

     

    The top five steel stocks in US

     

    THIS US STEEL MARKET REPORT WILL ANSWER FOLLOWING QUESTIONS

    1. US Steel Market size and Forecast, by region, by application
    2. Average B-2-B price for US Steel Market, by region, per user
    3. Technology trends and related opportunity for new US Steel Market tech suppliers
    4. US Steel Market share of leading vendors, by region,
    5.  Coronavirus impact on US Steel Market earnings
    Sl no Topic
    1 Market Segmentation
    2 Scope of the report
    3 Abbreviations
    4 Research Methodology
    5 Executive Summary
    6 Introduction
    7 Insights from Industry stakeholders
    8 Cost breakdown of Product by sub-components and average profit margin
    9 Disruptive innovation in the Industry
    10 Technology trends in the Industry
    11 Consumer trends in the industry
    12 Recent Production Milestones
    13 Component Manufacturing in US, EU and China
    14 COVID-19 impact on overall market
    15 COVID-19 impact on Production of components
    16 COVID-19 impact on Point of sale
    17 Market Segmentation, Dynamics and Forecast by Geography, 2022-2027
    18 Market Segmentation, Dynamics and Forecast by Product Type, 2022-2027
    19 Market Segmentation, Dynamics and Forecast by Application, 2022-2027
    20 Market Segmentation, Dynamics and Forecast by End use, 2022-2027
    21 Product installation rate by OEM, 2022
    22 Incline/Decline in Average B-2-B selling price in past 5 years
    23 Competition from substitute products
    24 Gross margin and average profitability of suppliers
    25 New product development in past 12 months
    26 M&A in past 12 months
    27 Growth strategy of leading players
    28 Market share of vendors, 2022
    29 Company Profiles
    30 Unmet needs and opportunity for new suppliers
    31 Conclusion
    32 Appendix

     

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