The steel industry is often considered an indicator of economic progress, because of the critical role played by steel in infrastructural and overall economic development. In 1980, there were more than 500,000 U.S. steelworkers. By 2000, the number of steelworkers had fallen to 224,000.
The economic boom in China and India caused a massive increase in the demand for steel. Between 2000 and 2005, world steel demand increased by 6%. Since 2000, several Indian and Chinese steel firms have risen to prominence, such as Tata Steel (which bought Corus Group in 2007), Baosteel Group and Shagang Group. , though, ArcelorMittal is the world's largest steel producer. In 2005, the British Geological Survey stated China was the top steel producer with about one-third of the world share; Japan, Russia, and the US followed respectively.
The large production capacity of steel results in a significant amount of carbon dioxide emissions inherent related to the main production route. In 2019, it was estimated that 7 to 9% of the global carbon dioxide emissions resulted from the steel industry. Reduction of these emissions are expected to come from a shift in the main production route using cokes, more recycling of steel and the application of carbon capture and storage or carbon capture and utilization technology.
In 2008, steel began trading as a commodity on the London Metal Exchange. At the end of 2008, the steel industry faced a sharp downturn that led to many cut-backs.