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Because of the critical role played by steel in infrastructural and overall economic development, the steel industry is often considered to be an indicative for economic prowess.

The economic boom in China and India has caused a massive increase in the demand for steel in recent years. Between 2000 and 2005, world steel demand increased by 6%. Since 2000, several Indian and Chinese steel firms have rose to prominence like Tata Steel (which bought Corus Group in 2007), Shanghai Baosteel Group Corporation and Shagang Group. Arcelor-Mittal is however the world's largest steel producer.

The British Geological Survey reports that in 2005, China was the top producer of steel with about one-third world share followed by Japan, Russia and the USA.