Top 8 Companies Dominating Africa’s Steel Market & Growth

The Africa steel market reached a volume of approximately 39.49 million tons in 2024. The market is further expected to grow at a CAGR of 3.10% between 2025 and 2034, reaching a volume of 51.86 million tons by 2034 driven by bolstering infrastructure and advancing industrialization.

Steel  stands as the cornerstone of engineering and construction globally, permeating virtually every facet of modern life. The production of iron begins with the extraction of iron ore and subsequent removal of impurities, chiefly oxygen. By combining iron with carbon, recycled steel, and trace amounts of various elements, it transforms into steel. Steel, an alloy primarily composed of iron and carbon with less than 2% carbon content and approximately 1% manganese, also contains minor proportions of silicon, phosphorus, sulfur, and oxygen.

The steel sector in Africa has  become increasingly pivotal in fueling economic progress throughout the continent. With a strong emphasis on bolstering infrastructure, advancing industrialization, and enhancing value-added manufacturing, this industry is instrumental in shaping Africa's economic trajectory. In recent times, the Africa steel market growth is propelled by internal market needs, external investments, and supportive governmental measures.

A growing emphasis is being placed on value-added steel production in African nations contributing to the Africa steel market share. Companies in Africa are focusing on investing in downstream process capacities to manufacture finished steel goods, instead of depending solely on exporting raw materials. This change has helped in fostering job growth and help local industries. The dependence on imports have also decreased. Manufacturers are also striving to improve their production efficiency by adopting advanced technologies.

South Africa contributes the most in Africa’s steel production, followed by countries Egypt, Nigeria, and Algeria. This growth which has been seen in the industry can be attributed to the rise in construction projects, increased infrastructure investment, and expanding industrial sector.

Masvingo Province  has unveiled plans to inaugurate its third significant steel facility, following SteelMakers Limited's successful acquisition of USD 160 million in financing. This funding will facilitate the construction, establishment, and operation of an integrated steel plant with the capability to manufacture 500,000 tons of merchant mill rolled products annually. This initiative aims to capitalize on Zimbabwe's abundant natural resources by enhancing value addition and economic benefits.

Latest Updates on Leading Steel Companies in Africa | Industry News & Growth

In February 2025, ArcelorMittal South Africa announced plans to cease long steel production by April 2025 due to weak domestic demand, competition from local scrap metal mini-mills, and Chinese imports. This decision is expected to result in the loss of 3,500 direct and indirect jobs.

In February 2025, South Africa is striving to save its iconic Vereeniging and Newcastle steel mills, owned by ArcelorMittal South Africa (AMSA), amid threats of closure due to economic challenges and global competition. AMSA's potential shutdown of long steel plants could displace 3,500 workers and trigger a domino effect, potentially resulting in up to 100,000 job losses across related industries.

In January 2024, the Nigerian government announced discussions with China's Luan Steel Holding Group to revive the Ajaokuta Steel Mill, aiming to bolster the nation's steel industry and explore the production of military hardware.

In July 2022, Algeria formalized the operation of the Gâra Djebilet iron mine, one of the largest iron ore reserves globally, with plans to produce 2 to 3 million tonnes of ore annually between 2022 and 2025, and 40 to 50 million tonnes per year from 2026.

Top 8 Steel Companies in Africa | Best Suppliers & Market Leaders

1. POSCO Co., Ltd

POSCO International envisions a future where sustainability leads the way, driven by their identity as a global, eco-conscious enterprise. They leverage their unique strengths in international networks and marketing to grow across diverse sectors like steel, food, energy, among others. They are a prominent leader in the renewable energy market, known for their environmentally friendly steel products. Additionally, in the steel raw materials arena, they are actively engaged in the steel scrap supply business.

2. Acerinox S.A.

The Acerinox Group  is the leading global manufacturer of stainless steel, boasting a melting shop capacity of 3.5 million tonnes and a network of 13 factories. Six of these factories produce stainless steel, while the remaining seven specialize in high performance alloys. With over 11,000 product variations, Acerinox serves a vast commercial network in more than 80 countries. Their materials cater to diverse sectors, making them a prominent provider of products and services worldwide. Acerinox is also the market leader in stainless steel in both the United States and Africa.

3. Nippon Steel Corporation

Nippon Steel Corporation is one of the largest steelmakers in Japan. It is also a leading producer for steel in the whole world. There are four areas of business in which they conduct their group conduct business, first is steelmaking and fabrication of steel, it also includes engineering and construction, chemical and materials are also part of it and last is system solutions. They have manufacturing bases in Japan and also in more than 15 countries worldwide.

4. Outokumpu Oyj

Outokumpu is one of the top producers for sustainable stainless steel. Their business model is derived on circular economy. They turn recycled steel into enduring and fully recycle material which makes up for more than 90% of their production. Their stainless steel is used by many customers for basic structures, household appliances, and popular landmarks.

5. African Industries Group

African Industries Group is a diversified business group. It has been seen contributing to the socio-economic growth of Nigeria and is also focused on industrial development of the society. There are around 35 manufacturing plants and other facilities around Nigeria. They invest in expansion of manufacturing and latest functional technology. They work in different sectors like manufacturing of steel and iron, building material, lead products, industrial glass, mining, steel processing, aluminum products, among others.

6. Egyptian Steel Group

Egyptian Steel Group is a leading group in steel industry in Egypt. It produces safe and high-quality products adhering to the local and international standards. The Group remains dedicated to its export strategy, steadily ramping up production to meet the demands of both domestic and international markets. They also work on expansion plans which has helped the company in boosting their steel production and producing products.

7. El Marakby Steel

El Marakby Steel made a significant impact on the Egyptian steel industry, prioritizing both improved quality and enhanced safety practices. They follow international standards and make sure that they are committed to sustainable technology for conservation of resources in the long-term. Their melt shop is operated in a way that they can their control the steel quality by managing the chemical elements, resulting in the production of good quality steel and in various grades.

8. Libyan Iron and Steel Company

The Libyan Iron and Steel Company stands as a prominent industrial entity in Libya, occupying a vast expanse of 1,200 hectares near Misrata. They have a design capacity of producing 1.700 million tons of liquid steel annually. Also, they employ a method that involves direct reduction of iron pellets utilizing locally sourced natural gas. The company has production units across direct reduction plant, steel melt shops, bar and rod mills, bar rolling mill, light and medium section mill and more.