The Global Direct Reduced Iron Market was valued at US$ 709.3 million in 2023 and is projected to reach US$ 1058.6 million by 2030, growing at a Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period. This robust growth is fueled by the global steel industry’s urgent shift towards decarbonization, the superior quality of DRI as a feedstock for Electric Arc Furnaces (EAFs), and supportive government policies promoting green steel manufacturing.

As the world marches towards a net-zero future, the steel sector is under immense pressure to reduce its carbon footprint. Direct Reduced Iron (DRI), a cleaner alternative to traditional blast furnace iron, is at the forefront of this transformation. In this blog, we profile the Top 10 Companies in the Direct Reduced Iron Industry—a dynamic mix of established steel giants and specialized producers who are shaping the future of sustainable metal production.

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🔟 1. ArcelorMittal

Headquarters: Luxembourg City, Luxembourg
Key Offering: High-Quality DRI/HBI, Innovation in Hydrogen-Based DRI Technologies

ArcelorMittal, the world’s largest steel producer, is a leader in DRI production and a pioneer in developing low-carbon steelmaking pathways. The company operates DRI plants globally and is actively investing in hydrogen-powered DRI facilities to achieve its carbon neutrality targets.

Sustainability Initiatives:

• Pilot projects for hydrogen-based DRI production (e.g., Hamburg, Bremen)

• Target to increase DRI/EAF-based steel production capacity significantly by 2030

• Committed to reducing CO2 emissions in Europe by 35% by 2030 and achieving net-zero by 2050

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9️⃣ 2. Tata Sponge Iron Ltd.

Headquarters: Mumbai, India
Key Offering: Sponge Iron (Coal-Based DRI)

A part of the esteemed Tata Group, Tata Sponge Iron is one of India’s leading and most efficient coal-based DRI producers. The company supplies high-quality sponge iron to the secondary steel sector, playing a crucial role in the country’s steel value chain.

Operational Excellence:

• Strategic location in Odisha, India, close to iron ore and coal reserves

• Focus on operational efficiency and cost-effective production

• Strong integration with the wider Tata Steel ecosystem

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8️⃣ 3. Jindal Steel & Power Ltd. (JSPL)

Headquarters: New Delhi, India
Key Offering: Sponge Iron, Coal Gasification-based DRI

JSPL is a major integrated steel producer in India with significant DRI production capacity. The company is recognized for its technological advancements, including one of the world’s largest coal gasification plants that syngas for its DRI units, enhancing efficiency.

Innovation Focus:

• Pioneer in syngas-based DRI production for reduced environmental impact

• Expanding DRI capacity to support its growing steel production

• Investing in research for cleaner ironmaking processes

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7️⃣ 4. NMDC Limited

Headquarters: Hyderabad, India
Key Offering: High-grade iron ore pellets, Strategic initiatives in DRI

NMDC, India’s largest iron ore producer, is a key enabler of the DRI sector. While primarily a miner, its high-grade, low-alumina iron ore lumps and pellets are essential raw materials for efficient DRI production, making it a critical player in the value chain.

Strategic Role:

• Ensuring a consistent supply of high-quality raw material for DRI plants

• Developing new mining projects to meet the rising demand from the DRI sector

• Government-backed initiatives to support domestic steel industry growth

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6️⃣ 5. Qatar Steel

Headquarters: Doha, Qatar
Key Offering: HBI (Hot Briquetted Iron), Gas-Based DRI

Qatar Steel operates one of the Middle East’s premier gas-based DRI plants, leveraging the region’s abundant natural gas resources. It is a major exporter of High-Quality HBI, a compacted form of DRI, to steel mills worldwide, particularly EAF-based producers.

Global Exporter:

• Leverages cost-advantaged natural gas for efficient DRI production

• Key supplier of HBI to international markets in Europe and Asia

• Focusing on product quality and supply chain reliability

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5️⃣ 6. Prakash Industries Limited

Headquarters: New Delhi, India
Key Offering: Sponge Iron, Ferro Alloys, Integrated Steel Products

Prakash Industries is a significant player in India’s secondary steel sector with a strong presence in coal-based DRI production. The company follows an integrated business model, converting its DRI into steel products, ensuring value addition and market stability.

Integrated Model:

• Vertically integrated operations from DRI to finished steel

• Focus on operational efficiencies and captive power generation

• Strategic expansion of production capacity

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4️⃣ 7. Mobarakeh Steel Company (MSC)

Headquarters: Esfahan, Iran
Key Offering: Direct Reduced Iron, Steel Slabs & Coils

As the largest steel producer in Iran and the Middle East, Mobarakeh Steel Company utilizes large-scale MIDREX technology-based DRI plants. It leverages domestic natural gas to produce high-quality DRI, which is a primary feedstock for its steelmaking operations.

Scale and Technology:

• One of the world’s largest single-site DRI production complexes

• Utilizes advanced MIDREX technology for high efficiency

• Central to Iran’s industrial and economic development

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3️⃣ 8. Sarda Energy & Minerals Limited (SEML)

Headquarters: Raipur, India
Key Offering: Sponge Iron, Ferro Alloys, Captive Power

SEML is a leading Indian producer of sponge iron and ferro alloys. The company is known for its efficient, environmentally conscious operations and a strong focus on captive power generation, which makes its DRI production more cost-effective and sustainable.

Sustainability and Efficiency:

• Significant investments in waste heat recovery and captive power plants

• Strong emphasis on sustainable mining and manufacturing practices

• Diversified product portfolio serving various industrial segments

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2️⃣ 9. Khorasan Steel Complex

Headquarters: Khorasan, Iran
Key Offering: DRI Billets, Steel Rebars

Khorasan Steel is a major Iranian steel producer with substantial DRI production capacity using natural gas-based reduction processes. The company plays a vital role in supplying the construction sector with steel products derived from its DRI feedstock.

Regional Leadership:

• Key producer in a resource-rich region for steelmaking

• Focuses on meeting domestic demand for construction steel

• Utilizes modern steelmaking and DRI technologies

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1️⃣ 10. Welspun Group

Headquarters: Mumbai, India
Key Offering: Sponge Iron, Steel Plates, Line Pipes

Welspun Group’s steel division is a notable manufacturer of sponge iron, which serves as a critical raw material for its advanced steel plate and line pipe manufacturing facilities. This integration ensures quality control and supply chain efficiency for its energy sector products.

Vertical Integration:

• Backward integration into DRI to secure raw material for high-value steel products

• Strong focus on quality and specifications required for oil & gas line pipes

• Global presence in infrastructure and energy projects

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🌍 Outlook: The Future of Direct Reduced Iron Is Green and Integrated

The Direct Reduced Iron market is undergoing a fundamental transformation. While coal-based DRI remains significant in certain regions, the industry’s future is inextricably linked to natural gas and, ultimately, green hydrogen. The push for decarbonization is turning DRI from a niche product into a cornerstone of sustainable steelmaking.

📈 Key Trends Shaping the Market:

• Accelerated adoption of Hydrogen-Ready DRI plants, particularly in Europe and the Middle East

• Growing investments in carbon capture, utilization, and storage (CCUS) technologies for existing gas-based DRI facilities

• Rising demand for high-quality DRI/HBI as a premium charge for Electric Arc Furnaces to produce advanced steels

• Strategic partnerships between mining companies, energy providers, and steelmakers to create integrated green steel value chains

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The companies listed above are not only producing essential iron units—they are building the foundation for the low-carbon steel industry of tomorrow.