NAICS 331110 Quarterly Industry Report
Iron and Steel Mills and Ferroalloy Manufacturing
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 331110Sector: 33Updated: Q1 2026
About This Report
This Fair Market Value industry report for NAICS 331110 draws on data from the USGS Mineral Commodity Summaries[5], U.S. Census Bureau[6] economic profiles, Bureau of Labor Statistics[7] employment data, and SBA size standard publications[8]. Our research team tracks steel production volumes, capacity use, and trade flows to provide valuation context specific to steelmaking operations. Updated quarterly, each data point is sourced to its originating government or institutional database.
Industry Snapshot
Key metrics for the iron and steel mills and ferroalloy manufacturing industry.
Industry Definition & Overview
Iron and Steel Mills and Ferroalloy Manufacturing (NAICS 331110) encompasses establishments primarily engaged in direct reduction of iron ore, manufacturing pig iron, converting pig iron into steel, making steel and forming it into shapes such as bar, plate, rod, sheet, strip, and wire, making steel pipe and tube at integrated mills, and manufacturing electrometallurgical ferroalloys. This classification covers the full spectrum of primary steelmaking from raw material processing through initial product forming.
The U.S. steel industry operates through two primary production routes: integrated mills using blast furnaces and basic oxygen furnaces (BOF), and electric arc furnace (EAF) minimills that melt scrap steel and direct-reduced iron. According to the USGS[5], domestic raw steel production capacity totaled about 107 million tons per year, with 49 companies operating EAF minimills at 104 locations and two companies running integrated mills at 12 sites. U.S. raw steel production reached an estimated 81 million metric tons in 2024.
Indiana accounted for roughly 25 percent of total domestic raw steel output, followed by Ohio at 12 percent, Texas at 6 percent, and Pennsylvania at 5 percent. Construction consumed about 28 percent of steel shipments, followed by service centers and distributors at 23 percent and automotive at 15 percent. Ferroalloy manufacturers within this code produce silicon, manganese, chromium, and other alloys that steelmakers add during production to achieve specific metallurgical properties. Steel imports captured about 22 percent of apparent domestic consumption.
What's Included in This Industry
- Integrated steelmaking from iron ore to finished shapes
- Electric arc furnace minimill steel production
- Blast furnace and basic oxygen furnace operations
- Hot and cold rolling of steel sheet, strip, and plate
- Steel bar, rod, and wire drawing at integrated mills
- Steel pipe and tube production at integrated facilities
- Pig iron manufacturing from iron ore
- Direct reduced iron (DRI) production
- Electrometallurgical ferroalloy manufacturing
- Steel slab, bloom, and billet casting
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Subsector | Primary Metal Manufacturing | 331 |
| Industry Group | Iron and Steel Mills and Ferroalloy Manufacturing | 3311 |
| NAICS Industry | Iron and Steel Mills and Ferroalloy Manufacturing | 33111 |
| National Industry | Iron and Steel Mills and Ferroalloy Manufacturing | 331110 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 331210 | Iron and Steel Pipe and Tube Manufacturing from Purchased Steel | Iron and steel pipe and tube manufacturing from purchased steel produces pipe products but starts from purchased steel rather than making steel from raw materials |
| 331221 | Rolled Steel Shape Manufacturing | Rolled steel shape manufacturing processes purchased steel into plates, sheets, and bars, while integrated mills perform these same operations using self-produced steel |
| 331222 | Steel Wire Drawing | Steel wire drawing from purchased steel draws wire from purchased rod, whereas integrated mills may draw wire from their own rod production |
| 331314 | Secondary Smelting and Alloying of Aluminum | Secondary smelting and alloying of aluminum shares the electric furnace melting process but works with nonferrous metals rather than iron and steel |
| 212210 | Iron Ore Mining | Iron ore mining provides the primary raw material input for integrated steelmaking operations that reduce ore to pig iron in blast furnaces |
| 331410 | Nonferrous Metal (except Aluminum) Smelting and Refining | Nonferrous metal smelting and refining uses similar pyrometallurgical processes but focuses on copper, lead, zinc, and other nonferrous metals |
Geographic Concentration
Top states by share of national establishments.
| # | State | % Est. | Total Est. |
|---|---|---|---|
| 1 | Ohio | 12.4% | 37 |
| 2 | Pennsylvania | 11.4% | 34 |
| 3 | Texas | 9.7% | 29 |
| 4 | Indiana | 7.0% | 21 |
| 5 | California | 5.7% | 17 |
| 6 | Michigan | 5.4% | 16 |
| 7 | Illinois | 4.7% | 14 |
| 8 | Alabama | 4.4% | 13 |
| 9 | Arkansas | 3.4% | 10 |
| 10 | Kentucky | 3.0% | 9 |
% Of Establishments
0%
12%
Source: County Business Patterns, U.S. Census Bureau[3]
SBA Lending Summary
40
Total SBA Loans
$8.7M
Total Loan Volume
$218K
Average Loan Size
13 yrs
Average Loan Term
10.17%
Average Interest Rate
144
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[4]
Key Insight: The SBA[8] classifies Iron and Steel Mills and Ferroalloy Manufacturing under NAICS 331110 with a size standard of 1,500 employees. This high threshold reflects the capital-intensive, large-scale nature of steelmaking operations. Most integrated mills and large EAF facilities exceed this ceiling, but smaller specialty steel producers and ferroalloy manufacturers may qualify as small businesses. Eligible firms can access SBA lending programs[9] for equipment upgrades, environmental compliance investments, and working capital. Eligible businesses can access SBA 7(a) loans[10] for working capital, equipment, and acquisition financing, while 504 loans[11] support major fixed-asset purchases including real estate and heavy machinery.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | Cadence Bank | 8 | $2.8M | $350K |
| 2 | Shoreham Bank | 8 | $2.7M | $340K |
| 3 | PNC Bank, National Association | 8 | $2.0M | $250K |
| 4 | Central Bank | 8 | $800K | $100K |
| 5 | Northeast Bank | 8 | $400K | $50K |
Frequently Asked Questions
Common questions about this industry.
What types of businesses are classified under NAICS 331110?
NAICS 331110 covers integrated steel mills that produce steel from iron ore, electric arc furnace minimills that melt scrap and DRI, and ferroalloy producers. These establishments make raw steel and may further process it into shapes including sheet, plate, bar, rod, wire, and pipe. According to the USGS[5], 49 companies operated EAF minimills at 104 locations and two companies ran integrated mills at 12 sites domestically.
How is NAICS 331110 structured within the classification system?
NAICS 331110 is the sole code within Industry Group 3311 (Iron and Steel Mills and Ferroalloy Manufacturing), Subsector 331 (Primary Metal Manufacturing), and Sector 31-33 (Manufacturing). Unlike most industry groups, 3311 contains only one six-digit code because it consolidates all primary steelmaking and ferroalloy production into a single classification.
What is the SBA size standard for NAICS 331110?
The SBA[8] sets the size standard at 1,500 employees for Iron and Steel Mills and Ferroalloy Manufacturing. This is among the highest employee thresholds in the manufacturing sector. Firms with fewer than 1,500 employees qualify as small businesses for federal contracting and SBA loan programs.
What NAICS codes are most closely related to 331110?
Codes 331210 (pipe and tube from purchased steel), 331221 (rolled steel shapes), and 331222 (steel wire drawing) all process purchased steel, whereas 331110 covers making steel from raw inputs. Iron ore mining (212210) supplies the primary raw material. Per the Census Bureau NAICS structure[12], the key distinction is whether an establishment produces its own steel or purchases steel as an input.
What industries have the strongest connections to iron and steel mills?
Metal service centers (423510) are the largest distribution channel. Construction (236210) is the top end-use sector at 28 percent of shipments. Automotive manufacturing consumes 15 percent. Forging (332111) and structural metal fabrication (332312) are major processing customers. Iron ore mining (212210) and scrap dealers supply raw material inputs.
What specific activities are included in NAICS 331110?
Activities include smelting iron ore in blast furnaces, converting pig iron to steel in BOF vessels, melting scrap steel in electric arc furnaces, continuous casting of slabs, blooms, and billets, hot and cold rolling of sheet, plate, and strip, drawing rod and wire, forming pipe and tube at integrated mills, and manufacturing ferroalloys. Per NAICS reference materials, the code covers the full steelmaking process from raw material reduction through initial forming.
Can iron and steel manufacturers access SBA loans?
Yes, though the 1,500-employee ceiling means only smaller steel producers and specialty ferroalloy manufacturers typically qualify. Eligible firms can access SBA loan programs[9] including 7(a) loans for working capital, 504 loans for furnace equipment and plant expansions, and export financing programs to support international steel sales.
Where is iron and steel manufacturing concentrated in the United States?
Per USGS data[5], Indiana leads with about 25 percent of domestic output, followed by Ohio (12 percent), Texas (6 percent), and Pennsylvania (5 percent). The Great Lakes region hosts most integrated mills near iron ore sources and waterway transportation. EAF minimills distribute more broadly, locating near scrap supplies and end-market demand centers across the Southeast and Southwest.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Census Bureau, Economic Census census.gov
- [3]U.S. Census Bureau, County Business Patterns census.gov
- [4]U.S. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [5]USGS pubs.usgs.gov
- [6]U.S. Census Bureau data.census.gov
- [7]Bureau of Labor Statistics bls.gov
- [8]SBA size standard publications sba.gov
- [9]SBA lending programs sba.gov
- [10]SBA 7(a) loans sba.gov
- [11]504 loans sba.gov
- [12]Census Bureau NAICS structure census.gov
Disclaimer
This publication has been prepared by Fair Market Value (“Fair Market Value”) for informational purposes only. It is provided on an “as-is” and “as available” basis. Fair Market Value makes no representations or warranties, express or implied, regarding the merchantability, fitness for a particular purpose, completeness, or accuracy of the data or information contained herein. This publication is not intended to be, and should not be construed as, professional financial, legal, tax, or investment advice. Users should consult with qualified professionals before making any financial or business decisions based on the information presented.
To the extent permitted by law, Fair Market Value disclaims all liability for loss or damage, direct and indirect, suffered or incurred by any person resulting from the use of, or reliance upon, the data in this publication.
Copyright © 2026 Fair Market Value. All rights reserved. All data, information, articles, graphs, and content contained in this publication are copyrighted works and Fair Market Value hereby reserves all rights. No part of this publication may be copied, reproduced, republished, uploaded to a third party, or distributed without the prior written permission of Fair Market Value.