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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