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3、DUSTRY PROFILE Global Steel Reference Code: 0199-0998 Publication Date: September 2010 EXECUTIVE SUMMARY Global - Steel 0199 - 0998 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 2 EXECUTIVE SUMMARY Market value The global steel market shrank by 30.8% in 200
4、9 to reach a value of $655.6 billion. Market value forecast In 2014, the global steel market is forecast to have a value of $1,372.1 billion, an increase of 109.3% since 2009. Market volume The global steel market shrank by 8.1% in 2009 to reach a volume of 1,109.7 million metric tons. Market volume
5、 forecast In 2014, the global steel market is forecast to have a volume of 1,555.8 million metric tons, an increase of 40.2% since 2009. Market segmentation II Asia-Pacific accounts for 69.3% of the global steel market value. Market share Arcelor Mittal is the leading player in the global steel mark
6、et, generating a 6.6% share of the markets volume. Market rivalry Steel makers in developed countries will maintain their pursuit of a shift from volume to value to further make the steel industry more competitive and efficient as the world economy recovers. CONTENTS Global - Steel 0199 - 0998 - 200
7、9 Datamonitor. This profile is a licensed product and is not to be photocopied Page 3 TABLE OF CONTENTS EXECUTIVE SUMMARY 2 MARKET OVERVIEW 7 Market definition 7 Research highlights 8 Market analysis 9 MARKET VALUE 10 MARKET VOLUME 11 MARKET SEGMENTATION II 12 MARKET SHARE 13 FIVE FORCES ANALYSIS 14
8、 Summary 14 Buyer power 16 Supplier power 18 New entrants 20 Substitutes 22 Rivalry 23 LEADING COMPANIES 24 ArcelorMittal 24 Baosteel Group Corporation 28 Nippon Steel Corporation 31 POSCO 35 MARKET FORECASTS 39 Market value forecast 39 Market volume forecast 40 CONTENTS Global - Steel 0199 - 0998 -
9、 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 4 APPENDIX 41 Methodology 41 Industry associations 42 Related Datamonitor research 42 Disclaimer 43 ABOUT DATAMONITOR 44 Premium Reports 44 Summary Reports 44 Datamonitor consulting 44 CONTENTS Global - Steel 019
10、9 - 0998 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 5 LIST OF TABLES Table 1: Global steel market value: $ billion, 200509 10 Table 2: Global steel market volume: million metric tons, 200509 11 Table 3: Global steel market segmentation II: % share, by va
11、lue, 2009 12 Table 4: Global steel market share: % share, by volume, 2009 13 Table 5: ArcelorMittal: key facts 24 Table 6: ArcelorMittal: key financials ($) 26 Table 7: ArcelorMittal: key financial ratios 26 Table 8: Baosteel Group Corporation: key facts 28 Table 9: Nippon Steel Corporation: key fac
12、ts 31 Table 10: Nippon Steel Corporation: key financials ($) 33 Table 11: Nippon Steel Corporation: key financials () 33 Table 12: Nippon Steel Corporation: key financial ratios 33 Table 13: POSCO: key facts 35 Table 14: POSCO: key financials ($) 37 Table 15: POSCO: key financials (KRW) 37 Table 16:
13、 POSCO: key financial ratios 37 Table 17: Global steel market value forecast: $ billion, 200914 39 Table 18: Global steel market volume forecast: million metric tons, 200914 40 CONTENTS Global - Steel 0199 - 0998 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Pag
14、e 6 LIST OF FIGURES Figure 1: Global steel market value: $ billion, 200509 10 Figure 2: Global steel market volume: million metric tons, 200509 11 Figure 3: Global steel market segmentation II: % share, by value, 2009 12 Figure 4: Global steel market share: % share, by volume, 2009 13 Figure 5: Forc
15、es driving competition in the global steel market, 2009 14 Figure 6: Drivers of buyer power in the global steel market, 2009 16 Figure 7: Drivers of supplier power in the global steel market, 2009 18 Figure 8: Factors influencing the likelihood of new entrants in the global steel market, 2009 20 Fig
16、ure 9: Factors influencing the threat of substitutes in the global steel market, 2009 22 Figure 10: Drivers of degree of rivalry in the global steel market, 2009 23 Figure 11: ArcelorMittal: revenues however, players may integrate forwards into buyer businesses. For example, Nippon Steel operates in
17、 the engineering and construction segment across different divisions, including marine construction and building construction. Forward integration coupled with the necessity of steel products to the success of the buyers businesses dilutes buyers power. Overall, buyer power is assessed to be moderat
18、e. FIVE FORCES ANALYSIS Global - Steel 0199 - 0998 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 18 Supplier power Figure 7: Drivers of supplier power in the global steel market, 2009 Source: Datamonitor D A T A M O N I T O R The bargaining power of supplie
19、rs is low for the fully integrated steel plants as they have their own mines of key raw material like iron ore and coal. However, those who are non-integrated or semi integrated have to depend on suppliers, for example SAIL, which imports coking coal. Globally, the top three mining giants BHP Billit
20、on, CVRD and Rio Tinto supply nearly two-thirds of the processed iron ore to steel mills and command very high bargaining power. The near 100 per cent increase in iron ore prices by the mining giants has resulted in integrated steel producers raising prices so as to recover the unprecedented raw mat
21、erial price hikes. Corus for example in the last week of April 2010 announced 80 per ton increases for plate and sections. Currently, many leading steel companies are employing alternative safeguarding measures by looking to pursue mine investments as rising costs for steelmaking ingredients squeeze
22、 margins. This backward integration is a much forayed strategy by steel companies, for example Nippon Steel Corp. and Posco are in search of mines as iron ore prices rise. Steelmakers are adjusting to a shift in the pricing of iron ore and coking coal after Vale, BHP Billiton and rival mining compan
23、ies abandoned a 40-year tradition of annual prices in favor of the quarterly, index-linked iron ore contracts system. Having to pay iron ore prices that change on a quarterly basis instead of an annual basis will leave these steelmakers vulnerable to significant price risk. Manufacturers are extreme
24、ly sensitive to shifts in their cost base particularly during economic recovery. FIVE FORCES ANALYSIS Global - Steel 0199 - 0998 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 19 Recent demand increases are not enough for companies to be able to push through
25、 any price increases. A significant increase in costs could also put further strain on companies cashflow positions and finance requirements, which already pose a risk to a strong upturn. Whilst quarterly price fixing rather than annual pricing allows price movements that are more representative of
26、underlying market conditions, the coming year will reap benefits for suppliers rather than buyers. Although the new system creates the opportunity for buyers to engage in hedging tactics, supply will still remain largely in the hands of just three firms. Thus, it is unlikely that quarterly pricing a
27、nd a swaps market will create fair conditions in a clearly oligopolistic market. Overall, supplier power is assessed to be strong. FIVE FORCES ANALYSIS Global - Steel 0199 - 0998 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 20 New entrants Figure 8: Factor
28、s influencing the likelihood of new entrants in the global steel market, 2009 Source: Datamonitor D A T A M O N I T O R To expand market share, build synergies, and extend supply chains, merger and acquisition activity took off from 2000 to 2008, but since the global economic meltdown and the credit
29、 crisis, M achieving economies of scale, increasing negotiating power with customers and vendors, to compete successfully against incumbents and enter new geographies. For example, POSCO sees M aluminium or less-common materials like fiberglass (glass-reinforced plastic) can be especially advantageo
30、us in the automotive industry, where manufacturers are looking to use lighter materials. It is possible for substitutes to fulfill the buyers needs more effectively than the original commodity. For example, an aluminium car may be lighter and so more fuel-efficient than a steel car. Furthermore, met
31、als such as steel can corrode whereas reinforced plastic is more durable. The ability of end-users to adopt substitutes means that steelmakers cannot increase their prices indefinitely - at some point, the substitutes will be more cost-effective. However, these alternatives are hardly drop-in replac
32、ements. Using them would require substantial re-tooling of an assembly line. It is likely that certain kinds of large buildings or civil engineering projects would become very difficult to construct without using materials such as reinforced concrete, which gains its structural strength from steel.
33、Thus, although the price of the alternatives may be favorable in some market conditions, switching costs are likely to be very high. Since steel is 100% recyclable this also lowers the threat of substitutes, in a climate where society places heavy focus on the environment and sustainability. More st
34、eel is recycled worldwide annually than all other materials put together, with an estimated 459 mmt being recycled in 2006, about 37% of the crude steel produced that year. Overall, the threat from substitutes is moderate. FIVE FORCES ANALYSIS Global - Steel 0199 - 0998 - 2009 Datamonitor. This prof
35、ile is a licensed product and is not to be photocopied Page 23 Rivalry Figure 10: Drivers of degree of rivalry in the global steel market, 2009 Source: Datamonitor D A T A M O N I T O R The steel market is tending towards consolidation, and is represented by several large, multinational players offe
36、ring similar products and services. Steel is a commodity difficult to diversify strongly, however different customers require steel with different specifications (e.g. consistency in physical properties of steel, variations in strength, hardness, and bending properties) and steel producers tend to s
37、pecialize, thereby reducing competition but also limiting the size of their potential market. Although some of the players have other businesses - e.g. Nippon Steel has businesses in engineering long products including bars, rods, and structural shapes; and stainless steel products. ArcelorMittal al
38、so produces pipes and tubes for various applications. ArcelorMittal operates its business through six reportable operating segments: flat carbon Americas; flat carbon Europe; long carbon Americas and Europe; Asia, Africa, and CIS (AACIS); stainless steel; and ArcelorMittal steel solutions and servic
39、es. LEADING COMPANIES Global - Steel 0199 - 0998 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 25 The flat carbon Americas segment produces slabs, hot-rolled coil, cold-rolled coil, coated steel products, and plate. These products are sold primarily to cust
40、omers in the following industries: distribution and processing, automotive, pipes and tubes, construction, packaging, and appliances. The production facilities of this segment are located at eight integrated and mini-mill sites located in four countries. The flat carbon Europe segment produces hot-r
41、olled coil, cold-rolled coil, coated products, tinplate, plate, and slab. These products are sold primarily to customers in the automotive, general industry, and packaging industries. The production facilities of this segment are located at 15 integrated and mini-mill sites located in six countries.
42、 The long carbon Americas and Europe segments produce sections, wire rod, rebars, billets, blooms, wire drawing, and pipes and tubes. In long carbon Americas, the production facilities are located at 15 integrated and mini-mill sites located in six countries, while in long carbon Europe, production
43、facilities are located at 17 integrated and mini-mill sites in nine countries. The AACIS segment produces a combination of flat and long products. This segment has six flat and long production facilities in three countries. The stainless steel segment produces flat and long stainless steel and alloy
44、 products from its plants in Europe and South America. In the Americas, production facilities are located at one integrated site located in one country, while in Europe production facilities are located at three mini-mill sites in two countries The products produced by stainless steel are sold to cu
45、stomers primarily in the following industries: domestic appliances and household equipment, automotive, construction, and general industry. The steel solutions and services segment of ArcelorMittal is primarily its in-house trading and distribution arm. It also provides value-added and customized st
46、eel solutions through further steel processing to meet specific customer requirements. LEADING COMPANIES Global - Steel 0199 - 0998 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 26 Key Metrics The company recorded revenues of $65,110 million in the fiscal y
47、ear ending December 2009, a decrease of 47.9% compared to fiscal 2008. Its net income was $118 million in fiscal 2009, compared to a net income of $9,399 million in the preceding year. Table 6: ArcelorMittal: key financials ($) $ million 2005200620072008 2009 Revenues 28,132.058,870.0105,200.0124,93
48、6.0 65,110.0 Net income (loss) 3,795.06,086.010,368.09,399.0 118.0 Total assets 33,867.0112,166.0133,625.0133,088.0 127,697.0 Total liabilities 18,410.070,533.076,940.077,890.0 66,652.0 Employees 224,286319,578311,000315,867 281,700 Source: company filings D A T A M O N I T O R Table 7: ArcelorMitta
49、l: key financial ratios Ratio 2005200620072008 2009 Profit margin 13.5%10.3%9.9%7.5% 0.2% Revenue growth 36.5%109.3%78.7%18.8% (47.9%) Asset growth 56.1%231.2%19.1%(0.4%) (4.1%) Liabilities growth 73.5%283.1%9.1%1.2% (14.4%) Debt/asset ratio 54.4%62.9%57.6%58.5% 52.2% Return on assets 13.7%8.3%8.4%7.0% 0.1% Revenue per employee $125,429$184,212$338,264$395,534 $231,132 Profit per employee $16,920$19,044$33,338$29,756 $419 Source: company filings D A T