Canada Steel Market Report and Forecast 2025-2034

Canada Steel Market Size

The Canada steel market is projected to grow at a CAGR of 4.95% between 2025 and 2034.

Canada Steel Market Outlook

• According to industry reports, in 2022, the Canadian steel sector employed around 23,600 workers and contributed more than USD 4.5 billion to Canada's GDP.

• Prominent Canadian steel producers include Algoma Steel Inc., AltaSteel, and ArcelorMittal Long Products Canada.

• The Canadian steel market is constantly investing in technology to reduce its climate emissions by at least 6 million tonnes by 2030. This is expected to help the domestic steel industry gain a larger market share compared to high-carbon, offshore steel.

Canada Steel Market Growth

Canadian steel producers are significant employers and are crucial contributors to the country’s economic growth. They are also critical suppliers of steel to the manufacturing, energy, infrastructure, and transportation sectors in the country. Offshore imports of steel into Canada have significantly grown from 19% in 2014 to 39% in 2022. The Steel Import Monitoring Program is a program in Canada that supports the timely publication of data on the type, quantity, origin, and value of imported steel. In 2023, the program monitored over 373,000 steel import transactions. According to international benchmarking studies, Canadian steel is amongst the greenest steel across the globe. Stakeholders in the steel market are continuously investing in projects and technologies to lower their carbon emissions to achieve more than 45% reduction of GHG emissions by 2030. The steel sector also aims at achieving net-zero emissions by 2050.

According to the Canada steel market analysis, the Canadian automotive sector is a crucial consumer of steel. Five major automakers in Canada include Ford, General Motors, Stellantis Honda and Toyota. On average, the automotive sector consumes around 900 kg of steel per vehicle. In 2022, the automotive sector produced over 1.2 million vehicles that were sold in Canada and around the world. The automotive sector is also Canada’s second-largest export sector, with USD 63 billion generated as export revenue in 2022.

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Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Canada Steel Industry Segmentation

Canada Steel Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments.

Market Breakup by Product

• Flat Steel

• Long Steel

Market Breakup by Type

• Carbon Steel

• Alloy Steel

• Stainless Steel

• Tool Steel

Market Breakup by End Use

• Construction

• Mechanical Engineering

• Automotive

• Domestic Appliances

• Metalware

• Agricultural

• Others

Market Breakup by Region

• British Columbia

• Alberta

• The Prairies

• Central Canada

• Atlantic Canada

Canada Steel Market Share

Carbon steel is increasingly being used because it is possible to produce carbon steel with less carbon footprinting. It is anticipated that this will promote their adoption. End users are starting to favor carbon steel because of low carbon emissions from steel. The demand for carbon steel is predicted to increase as it is used more often in automotive, construction, and other industries. Carbon steel's strength, formability, machinability, recyclability, and adaptability will increase the range of applications for it. Steel producers will be compelled by this to increase the range of products they provide in carbon steel.

Leading Companies in Canada Steel Market

The key players in the market are investing in strategies to boost their steel production while lowering carbon emissions.

• Algoma Steel Inc. 

• ArcelorMittal Dofasco 

• Stelco Inc.  

• Gerdau S/A  

• Rolled Alloys 

• Canam Group Inc. 

• LMS Reinforcing Steel Group 

• Walters Inc.  

• Others

Key Highlights of the Report