2021 | 2020 | Name | Country | 2021 | 2020 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| 1 | 1 | BHP | Australia | $4,982M | $5,790M | AA+ | AA |
| 2 | 3 | Glencore | Switzerland | $4,432M | $3,980M | A | A- |
| 3 | 2 | ArcelorMittal | Luxembourg | $3,732M | $4,132M | AA- | A+ |
| 4 | 6 | Nippon Steel | Japan | $3,146M | $2,940M | A+ | A |
| 5 | 5 | Rio Tinto | United Kingdom | $3,039M | $3,332M | AA+ | AA |
| 6 | 4 | Posco | South Korea | $2,943M | $3,715M | A | A |
| 7 | 10 | Baowu | China | $2,286M | $2,203M | A | BBB |
| 8 | 9 | Vale | Brazil | $2,228M | $2,561M | AA- | AA- |
| 9 | 8 | CITIC Pacific Mining | China | $2,209M | $2,651M | AA- | A |
| 10 | 7 | China Shenhua | China | $2,074M | $2,654M | A+ | A |
| 11 | 11 | Thyssenkrupp | Germany | 🔒 | 🔒 | 🔒 | 🔒 |
| 12 | 13 | Anglo American | United Kingdom | 🔒 | 🔒 | 🔒 | 🔒 |
| 13 | 12 | JFE | Japan | 🔒 | 🔒 | 🔒 | 🔒 |
| 14 | 16 | Newmont | United States | 🔒 | 🔒 | 🔒 | 🔒 |
| 15 | 14 | Tata Steel | India | 🔒 | 🔒 | 🔒 | 🔒 |
| 16 | 15 | Freeport-McMoRan | United States | 🔒 | 🔒 | 🔒 | 🔒 |
| 17 | 24 | Barrick Gold | Canada | 🔒 | 🔒 | 🔒 | 🔒 |
| 18 | 19 | Nornickel | Russia | 🔒 | 🔒 | 🔒 | 🔒 |
| 19 | 17 | Nucor | United States | 🔒 | 🔒 | 🔒 | 🔒 |
| 20 | 18 | GrupoMexico | Mexico | 🔒 | 🔒 | 🔒 | 🔒 |
| 21 | 21 | JSW Steel | India | 🔒 | 🔒 | 🔒 | 🔒 |
| 22 | null | Alcoa | United States | 🔒 | 🔒 | 🔒 | 🔒 |
| 23 | 20 | Vedanta | India | 🔒 | 🔒 | 🔒 | 🔒 |
| 24 | 22 | Mitsubishi Materials | Japan | 🔒 | 🔒 | 🔒 | 🔒 |
| 25 | 23 | Kobelco | Japan | 🔒 | 🔒 | 🔒 | 🔒 |