The iron and steel mills and ferroalloy market consists of sales of iron and steel mills and ferroalloys by entities (organizations, sole traders and partnerships) carrying out activities such as reducing iron ore, transforming pig iron into steel, and producing molten or solid pig iron, steel, steel and forming pipe and tube, electrometallurgical ferroalloys, and steel and manufacturing shapes such as bar, plate, rod, sheet, strip, and wire. The iron and steel mills and ferroalloy market is segmented into crude steel; pig iron and ferroalloys.
The global iron and steel mills and ferroalloy market is expected to grow from $822.24 billion in 2020 to $870.59 billion in 2021 at a compound annual growth rate (CAGR) of 5.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1143.6 billion in 2025 at a CAGR of 7%.
