Last year was a rough one for metals companies, but steel manufacturers felt the worst of it.
Last year was a rough one for the top manufacturing companies in metals. Twenty-one metals companies made the IndustryWeek U.S. 500 list this year, based on annual 2024 revenue, and all but four of those saw net income fall last year.
The largest steel companies, despite making up half of the top ten metals companies, felt the worst of it. Earnings at Nucor Corp., #1 on our list of metals manufacturers by revenue, fell 55% to $2 billion. Cleveland-Cliffs Inc. saw 2024 net income fall 289% on a net annual income loss of $754 million.
Other metals performed better, notably copper and gold. The Southern Copper Corp. won the highest net income among metals companies on our list, making $3.3 billion from $11.4 billion in revenue, 39.2% more than 2023. And the Newmont Corporation rode rising gold prices to 58.2% revenue growth, and #4 on our list of metals companies.
Read on for a closer look at the top 10 metals companies on the 2025 IW U.S. 500.
