2022 IW U.S. 500: Top Primary Metals Manufacturers (slideshow)

Jan. 31, 2023
Primary metals producers performed exceedingly well on the 2022 IW U.S. 500 list of largest publicly traded manufacturing companies in the United States.

With the annual earnings season underway, IndustryWeek is taking a final look at several categories within the 2022 IW U.S. 500 that performed exceptionally well last year. (As a reminder, the 2022 IW U.S. 500 lists the top 500 publicly held U.S. manufacturing companies based on 2021 revenue.) Primary metals, the subject of this slideshow, is one of those categories that performed exceptionally well. As a group, its companies reported a 71.1% revenue gain for 2021.

For at least some of these manufacturers, another strong year appears to be shaping up. Only time will tell how their numbers compare to those reported in our most recent IW U.S. 500. To review that list, click through this slideshow, which includes the top performers and key financial measures. The below table provides the complete list of primary metals producers that were included in the 2022 IW U.S. 500. 

RankPrimary IndustryName2021 Revenue (in millions)2021 Profit Margin2021 Net Income (in millions)2021 Revenue Growth
41Primary MetalsNucor Corp.$36,48418.71%$6,82881.2%
61Primary MetalsFreeport-McMoRan Inc.$22,84518.85%$4,30660.9%
66Primary MetalsCleveland-Cliffs Inc.$20,44414.84%$3,033281.8%
67Fabricated Metal Products*U.S. Steel Corp.$20,27520.59%$4,174108.1%
76Primary MetalsSteel Dynamics Inc.$18,40917.46%$3,21491.7%
105Primary MetalsReliance Steel & Aluminum Co.$14,09310.03%$1,41359.9%
119Fabricated Metal Products*Alcoa Corp.$12,1523.53%$42930.9%
131Primary MetalsSouthern Copper Corp.$10,93431.07%$3,39736.9%
191Primary MetalsCommercial Metals Co.$6,7306.14%$41322.9%
282Primary MetalsMueller Industries Inc.$3,76912.43%$46957.2%
293Primary MetalsTronox Holdings PLC$3,5728.01%$28629.5%
318Primary MetalsWorthington Industries Inc.$3,17122.82%$7243.7%
351Primary MetalsSchnitzer Steel Industries Inc.$2,7595.98%$16561.1%
373Primary MetalsOlympic Steel Inc.$2,3125.24%$12187.4%
425Primary MetalsTitan Int'l. Inc.$1,7802.79%$5041.4%
452Primary MetalsSteel Partners Holdings LP$1,5258.62%$13116.4%
454Primary MetalsMaterion Corp.$1,5114.80%$7328.4%
458Primary MetalsCarpenter Technology Corp.$1,476-15.56%-$230-32.3%
485Primary MetalsTimkenSteel Corp.$1,28313.33%$17154.4%

Data provided by Seeking Alpha and S&P Global.

*U.S. Steel and Alcoa are listed as  Fabricated Metal Products producers in their federal SIC codes, but primary businesses for both remain steel and aluminum production, so we have included them on this list instead of the fabricated metals slideshow

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