Iron & Steel Mills NAICS 331110
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Industry Summary
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 23% of US steel consumption.
Recent Developments
Nov 23, 2025 - Rising Steel Shipments
- Shipments by US steel mills rose 12.7% in September compared to a year ago and were up 3.5% versus August as mills ramped up their output, according to the latest data from the American Iron and Steel Institute (AISI). Year to date in September shipments were up 4.6% from the same period last year. The YTD comparison shows the following changes: corrosion resistant sheet and strip, up 4%; hot rolled sheet and strip, down 1%; and cold rolled sheet and strip, down 4%, per the AISI. Steel mills have continued to boost their output in recent months, operating at a capability utilization (capacity) rate of 76.7% in the week ended November 8, compared to a 72.6% capacity rate in the comparable week in 2024. Tariffs of up to 50% on imported steel are among the factors likely boosting US mill operating rates.
- 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.
- In September, domestic steel prices fell to their lowest levels since February giving up earlier tariff-driven gains, OilPrice.com reports. Weak demand from the construction sector, short mill lead times, and volatile durable goods orders are putting downward pressure on prices, including for hot-rolled steel coil, which in early September saw its lowest price since February. The Raw Steels Monthly Metals Index (MMI), which tracks steel prices, fell nearly 1% from August to September. In the first quarter, prices jumped $241 per short ton following tariff announcements by the Trump administration. However, since peaking in March, prices have fallen $109 to stand at $818 per short ton. Prices for cold-rolled coil and hot-dipped galvanized steel are also trending downward. While tariffs have provided support for domestic steel prices, falling demand from the construction and manufacturing sectors is proving more of a drag on prices.
- Producer prices for iron and steel mills rose 12.4% in August compared to a year ago, after sinking 15.8% in the previous August-versus-August annual comparison, according to the latest US Bureau of Labor Statistics data. Industry producer prices have risen sharply this year as the Trump administration’s aggressive tariff agenda strengthens domestic demand and provides a boost to steel makers’ order books. Still, employment by the industry shrank remained flat year over year in July, while the average wage at primary metals manufacturers inched up 0.6% YoY in August to $28.89 per hour, down more than $1 from its high in March, BLS data show.
Industry Revenue
Iron & Steel Mills
Industry Structure
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 28% of net iron and steel shipments, followed by steel service centers/distributors (23%) and the automotive industry (15%).
- Indiana accounts for an estimated 25% of total raw steel production, followed by Ohio, 12%, Texas, 6%, and Pennsylvania, 5%, according to the US Geological Survey.
Industry Forecast
Industry Forecast
Iron & Steel Mills Industry Growth
Source: Vertical IQ and Inforum
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