China is currently number one in the world’s largest steel exporter. China in 2017 exported 102 million tons of steel. They represented about 23% of all steel exported in 2016. China exports of steel in 2017 was double of the world’s second, third and fourth exporters. 250 countries currently receives china’s steel.
A few companies in china that make up the market potential are,Hebei Iron and Steel Group: established 2008, largest steel provider, makes 30 million tons of steel, Baosteel: established in 1978, Wuhan Iron and Steel Group: established in 1958, Posco: established in 1968, Jiangsu Shagang: established in 1075, Top 5 steel producer in china which makes 18 million tons of steel. World Steel Association which measures volume of steel exports had stated that china produced 823 million tons of steel. China has 9.6 million square kilometers of land which can be used for steel mills and has a lot of natural land mineral deposits.
Comparing to other countries like India for example which was the third largest steel producer in 2017. India export of steel was 73 million ton 2017. Companies in india have been working hard with local and governments to get contracts and to increase productions. Some of the large ones are JSW Steel makes 23 million tons of steel, Rashtriya Ispat Nigam makes 1.2 million tons of steel,Tata Steel makes 8 million tons of steel.
India is predicted to beat Japan in become the world’s second largest steel producer. Its goal is to have 300 million tons of steel per year by 2025 to 2030.