Crude steel
includes establishments make steel, manufacture shapes and form pipe and tube.
This is consumed highly in the manufacturing of railroad tracks, building and
construction, nuclear infrastructure, and household appliances.
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The global crude
steel market was valued at $2 trillion in 2017. The growth is mostly supported
by the shift of steel makers from furnace to Electric Arc Furnace (EAF) to
manufacture steel.
The market can easily be split into crude steel, pig iron and ferroalloys
out of which crude oil comprises half of the market share and rest of the
market is shared by the pig iron and ferroalloys segment.
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China was the largest country accounting for nearly one-third of
the global crude steel market, due to the presence of major steel manufacturing
plants in the country coupled with large demand for ferroalloys. China was
followed by India and Japan as the next largest countries in the market.
The top five competitors in
the market are Arcelor Mittal, POSCO, TATA Steel, Nippon Steel & Sumitomo
Metal Corporation, and Hyundai Steel Company.
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