Stainless steel is a highly versatile metal which finds extensive applications in industrial manufacturing and household appliances. Industrial manufacturers use stainless steel in metal products, mechanical engineering, construction, vehicles and spares, and electric machinery. The material’s versatility in its usage has resulted in the constant growth of this market with a CAGR of above 4% for the next couple of years. Stainless steel suppliers are looking for ways to digitize the supply chain and adopt sustainability practices to sustain themselves in the highly competitive market space. Here are the top stainless steel suppliers driving the competition in this market:
ACERINOX is the world’s largest stainless steel supplier with an annual output of 3.5 million MT. They are headquartered in Madrid, Spain with operations spread across the world in parts of Europe, Malaysia, South Africa, USA, Argentina, and Chile. From its conception, it has carried out a continuous program of investments, with the development of technological innovations that have constituted an exemplary landmark in the technology of stainless steel.
POSCO is the fifth largest steelmaker in the world headquartered in Pohang, South Korea. The stainless steel supplier serves high profile client such as Hyundai Heavy Industries, Samsung Heavy Industries, Daewoo Shipbuilding & Marine Engineering Co., and LG Electronics. In 2014, Posco & Chongqing Iron & Steel signed an agreement for $3.3 bn investment.
HBIS Group Co. Ltd
HBIS Group Co. Ltd is one of China’s largest iron and steel manufacturer with annual revenues of over US$ 40 billion. In 2016, the report on the comprehensive competitiveness of Chinese iron and steel enterprises categorized the HBIS Group to be “highly competitive”. They are highly focused on sustainable steelmaking practices with one of their plants being recognized as the cleanest steel plant in the world.
Tsingshan Holding Group Co. Ltd
Tsingshan Holding Group Co., Ltd., founded in 1992, offers stainless steel and related products, which are used in fields such as machinery, electric power, petroleum, chemical industry, aeronautics and astronautics, automobile, shipbuilding, food, pharmacy, and decoration. Operating with over 20,000 employees, this stainless steel supplier generates revenues of over US$ 15 billion.
Taiyuan Iron and Steel (Group) Co. Ltd. (TISCO)
Taiyuan Iron and Steel (Group) Co. Ltd. (TISCO) is a Chinese steelmaker with a production volume of 10.25 million metric tons, out of which 3.1 million MT is stainless steel. After starting its first phase of stainless steel production in 1952, the company has now achieved great success in its stainless steel business.
Read more about the top stainless steel supplier along with supply market landscape, pricing, and procurement insights in SpendEdge’s upcoming report on the global stainless steel market.