Steel Rolling & Drawing in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: July 2024
NAICS 33122Revenue
$17.5bn
Past 5-Year Growth
Profit
$X.Xbn
Employees
19,963
Businesses
293
Wages
$X.Xbn
Steel Rolling & Drawing in the US industry analysis
The industry produces intermediary steel products, including cold-rolled sheets, strips, rods, bars and wires, from purchased steel, which may be sourced from domestic steel manufacturers or imported. Plants can produce various shapes through the rolling process, while the only industry-relevant drawn product is wire of various grades and gauges. The industry doesn't include the production of similar products as part of a vertically integrated manufacturing process or the distribution of steel products to downstream markets. Industry revenue grew at a CAGR of 2.5% through the end of 2024 to $17.5 billion, including an expected slump of 1.2% in 2024, falling from the rebound from COVID-19-induced declines in 2020. Along with revenue industry profit has grown marginally to account for an estimated 6.5% of revenue in 2024, up from 6.4% in 2019.
Trends and Insights
- The onset of the COVID-19 pandemic and accompanying economic turmoil created vast fluctuations in the price of steel. This compounded already-diminished demand from downstream markets.
- Steel wire drawing has remained steady as a share of industry revenue. This trend will remain consistent as the automotive and construction industries ramp up production, increasing demand for steel products.
- The Southeast and Mid-Atlantic regions are essential to the industry as they’re home to both upstream and downstream industries. Integrated steel mills are located in these to be close to their mining operations.
- Imports are the industry’s main competition. Overseas operations are able to produce rolled and drawn steel at a much lower operating cost thanks to looser labor and environmental regulations.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 2.5 % over the past five years, to reach an estimated $17.5bn in 2024.
Trends and Insights
Demand trends and industry structure
- Global selling prices for steel products are the primary driver of industry performance. The COVID-19 pandemic upset the global production of steel, causing extreme volatility in industry revenue. Customers have increasingly placed pricing risk on manufacturers by purchasing steel goods ad hoc.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to decline over the next five years.
Trends and Insights
Demand from the auto industry
- Revenue for the Car and Automobile Manufacturing industry will expand marginally indicating reduced demand for rolled and drawn steel products. Also, as consumers increasingly switch to lighter, more fuel-efficient vehicles, automakers will focus on reducing vehicle body weight by substituting heavier steel components with lighter components made of aluminum or plastic composites.
Biggest companies in the Steel Rolling & Drawing in the US
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Worthington Industries, Inc. | 2,219.7 | 120.6 | 5.4 | |
Uline, Inc. | 447.2 | 23.3 | 5.2 | |
Insteel Industries Inc. | 443.3 | 23.1 | 5.2 |
To view the market share and analysis for all 18 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Cold-rolled steel sheet, Cold finished bars and other shapes and Ferrous wire products. Cold-rolled steel sheet is the largest segment of the Steel Rolling & Drawing in the US.
Trends and Insights
Cold-rolled steel sheet is the second-largest product for the industry
- Cold-rolled sheet and strip steel is produced by flattening steel through a series of rollers while keeping it below its recrystallization temperature. This process improves the steel's strength, hardness, ductility and surface finish. The cold-rolled sheets can be cut and bent into various shapes, which are used in manufacturing and construction.
- More insights available in the full report
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Competitors
- Copper Rolling, Drawing & Extruding in the US
- Nonferrous Metal Rolling & Alloying in the US
Complementors
- Iron & Steel Manufacturing in the US
- Metal Pipe & Tube Manufacturing in the US
- Metal Wholesaling in the US
International industries
- Steel Rolling & Drawing in Canada
- Iron Smelting and Steel Manufacturing in Australia
- Basic Steel Processing in the UK
- Steel Rolling in China
Table of Contents
About this industry
Industry definition
Companies in this industry roll or draw purchased steel, which may be sourced from domestic steel manufacturers or imported from abroad. Companies produce various shapes through the rolling process, while the only drawn product is wire of various grades and gauges. Typically, the end product is made to conform to customer specifications. The industry does not include companies that roll or draw steel they manufacture themselves or metal service centers that distribute steel products.
What's included in this industry?
Rolling plates, sheets, strips, rods and bars from purchased steel (often described as cold rolling)Drawing wire from purchased steelProcessing purchased steel to meet customer specificationsProduction of other ferrous wire productsCompanies
Worthington Industries, Inc.Uline, Inc.Insteel Industries Inc.Purchase this report to view all 18 major companies in this industry.
Related Terms
STEEL ROLLINGDIEBLAST FURNACEMINIMILLINTEGRATED STEEL MILLIndustry Code
NAICS 33122 - Steel Rolling & Drawing in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
The onset of the COVID-19 pandemic and accompanying economic turmoil created vast fluctuations in the price of steel. This compounded already-diminished demand from downstrea...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Steel wire drawing has remained steady as a share of industry revenue. This trend will remain consistent as the automotive and construction industries ramp up production, inc...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
The Southeast and Mid-Atlantic regions are essential to the industry as they’re home to both upstream and downstream industries. Integrated steel mills are located in these t...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Imports are the industry’s main competition. Overseas operations are able to produce rolled and drawn steel at a much lower operating cost thanks to looser labor and environm...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Worthington dominates the industry with nearly a 15.0% market share. This is thanks in part to its vertical integration of all steel products.
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Worthington Industries, Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Uline, Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Insteel Industries Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 15 additional companies
Detailed analysis
- Description and key data for Worthington Industries, Inc., and factors influencing its performance in the industry
- Description and key data for Uline, Inc., and factors influencing its performance in the industry
- Description and key data for Insteel Industries Inc., and factors influencing its performance in the industry
- Description, key data and performance trends for 15 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
The EPA has laid out extensive guidelines for steel manufacturers to follow. The Clean Air Act outlines strict emissions standards that all manufacturers must adhere to.
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
The COVID-19 pandemic decimated industry profit as manufacturers struggled to keep operations going. Profit will swell in the near future as US industrial production ramps up...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Steel Rolling & Drawing in the US industry in United States in 2024?
The market size of the Steel Rolling & Drawing in the US industry in United States is $17.5bn in 2024.
How many businesses are there in the Steel Rolling & Drawing in the US industry in 2024?
There are 293 businesses in the Steel Rolling & Drawing in the US industry in United States, which has declined at a CAGR of 3.8 % between 2019 and 2024.
Has the Steel Rolling & Drawing in the US industry in United States grown or declined over the past 5 years?
The market size of the Steel Rolling & Drawing in the US industry in United States has been growing at a CAGR of 2.5 % between 2019 and 2024.
What is the forecast growth of the Steel Rolling & Drawing in the US industry in United States over the next 5 years?
Over the next five years, the Steel Rolling & Drawing in the US industry in United States is expected to decline.
What are the biggest companies in the Steel Rolling & Drawing in the US market in United States?
The biggest companies operating in the Steel Rolling & Drawing market in United States are Worthington Industries, Inc., Uline, Inc. and Insteel Industries Inc.
What does the Steel Rolling & Drawing in the US in United States include?
Rolling plates, sheets, strips, rods and bars from purchased steel (often described as cold rolling) and Drawing wire from purchased steel are part of the Steel Rolling & Drawing in the US industry.
Which companies have the highest market share in the Steel Rolling & Drawing in the US in United States?
The company holding the most market share in United States is Worthington Industries, Inc..
How competitive is the Steel Rolling & Drawing in the US industry in United States?
The level of competition is high and increasing in the Steel Rolling & Drawing in the US industry in United States.
