Iron & Steel Mills

The 200 iron and steel producers in the US process iron ore, scrap metal, and other raw materials into semi-finished steel products. Products include iron ore, steel sheets (cold or hot rolled), strips, bars, plates, pilings, and rails. Major customers include fabricators, manufacturers, intermediate steel processors, and service centers that convert semi-finished steel into finished goods. Some companies are vertically integrated and may own facilities to produce raw materials and/or finished steel products.

Competition From Alternative Materials

Depending on the end use, steel products compete with goods made from concrete, aluminum, plastics, wood, and composites.

Competition From Imports

Imports account for about 24% of US steel consumption.

Jul 23, 2026 - Rising Shipments

• Demand for steel made in the US remained strong through May, with domestic steel mill shipments rising 8.5% year over year to 8.14 million net tons and 6.2% from April, the American Iron and Steel Institute (AISI) reports. Shipments during the first five months of 2026 totaled 38.99 million net tons, up 4.6% from the same period in 2025. Growth was led by corrosion-resistant sheet and strip, with year-to-date shipments increasing 13%, followed by hot-rolled sheet and strip, up 6%, while cold-rolled sheet and strip declined 1%. For US iron and steel mills, rising shipments indicate healthy demand from key end markets such as construction, manufacturing, and automotive, supporting higher capacity utilization, production volumes, and mill revenues despite ongoing cost pressures and global trade uncertainty. The Commerce Department is continuing investigations into corrosion-resistant steel imported from Southeast Asia that may use Chinese substrate to evade US duties.
• The surge in energy prices due to the conflict in the Middle East has raised the fundamental cost structure for iron ore producers, according to an analysis by UBS, IndexBox reports. Rising energy costs are reshaping iron ore markets, with direct implications for both iron and steel mills. Higher oil prices are increasing shipping and production costs for iron ore, which raises the overall cost of raw materials used by steel producers. As a result, iron ore prices are stabilizing at higher levels, even amid weaker demand and elevated inventories. For steel mills, this means persistent input cost pressure, as elevated energy expenses push up the cost of iron ore supply globally. The steepening of the industry cost curve also limits low-cost supply, reducing price volatility but keeping prices supported. Additionally, supply constraints among higher-cost or distant producers may tighten availability, potentially affecting sourcing strategies for mills.
• US steel manufacturer Cleveland-Cliffs posted higher third-quarter revenue and said demand for steel produced in the US was rising due to the Trump administration’s tariffs, The Wall Street Journal reports. The Cleveland-based steelmaker posted sales of $4.73 billion in its latest quarter, up from $4.57 billion the year before, a 4.1% increase. The company credited the 50% tariff on imported steel for helping it sign new supply deals with all major US automotive original equipment manufacturers, according to WSJ. In response to the Trump administration’s moves to boost domestic production of rare earth metals, Cleveland-Cliffs CEO told WSJ that the company is looking to expand its presence in domestic rare-earth metal production and is examining mining sites in Michigan and Minnesota that show key indicators of rare-earth minerals.
• Producer prices for iron and steel mills jumped 18.1% in June compared to a year ago, after rising 4.3% in the previous June-to-June annual comparison, according to the latest US Bureau of Labor Statistics data. Industry producer prices have been rising steeply since late 2025 due to rising input costs, including, most recently, surging energy and fuel prices. Employment by the industry was unchanged year over year in May, while the average wage at primary metals manufacturers rose 4.4% YoY in June to a new high of $30.91 per hour, BLS data show.

Industry size & Structure

The average iron or steel mill employs about 397 workers and generates about $649 million annually.

• The iron and steel mill industry consists of about 200 companies that employ 79,300 workers and generate about $129.8 billion annually.
• The industry is highly concentrated and dominated by large companies. The top 20 companies account for 94% of industry sales.
• Some companies are vertically integrated, and may own facilities to produce raw materials and/or finished steel products.
• Large domestic steel manufacturers include Nucor, Cleveland-Cliffs, Commercial Metal Company (dba CMC), Steel Dynamics (SDI), and US Steel. Some large companies have foreign operations.
• Construction accounts for about 31% of net iron and steel shipments, followed by steel service centers/distributors (26%) and the automotive industry (15%).
• Indiana accounts for an estimated 19% of total raw steel production, followed by Ohio, 8%, Texas, 5%, and Pennsylvania, 4%, according to the US Geological Survey.