2022 IW U.S. 500 Manufacturing Companies: 9 Biggest Movers (Some Up, Some Down) from 2022

Feb. 14, 2023

Steel producers and steel processors rode the wave up the IW U.S. 500 in 2022.

Cleveland-Cliffs.

Cleveland-Cliffs was absolutely destined to move up to the ranks on the 2022 list as it completed its massive takeover of Arcelormittal's U.S. steelmaking operations. Combining its historical strengths in iron ore mining and processing with steel production was well timed with big increases for primary metals producers.

Those increased revenues made Cliffs the fastest-growing company on last year's list and vaulted it 136 spots to No. 66 on our list, from 192 the year before.

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Metals companies gained the most ground in 2022's IndustryWeek US 500. This list of the four fastest gains and the five companies losing the most group includes two steel producers and a fabricated metals company on the way up. On the way down, a diverse group of companies that fell on tougher times in 2021. As we prepare to gather data for 2023's publicly traded manufacturers list, a look at who gained and lost last year will play a role in how we manage the list going forward.

We changed our data collection systems for the 2022 list, and the data generated showed us that our traditional definitions of what a manufacturing company is was counting some businesses that no longer actively engage in making anything (Apple, for example, sells consumer goods that are almost entirely made by contractors). So, expect some changes to this list, changes that will eliminate some big companies and provide more opportunity to feature smaller companies that are more representative of manufacturing today.

Click through the slideshow to see the top and bottom performers from 2022 last year's list.

2022 Rank	2021 Rank	Name	Symbol	2021 Revenue (in millions)	2020 Revenue	2021 Revenue Growth	Rank Change
354	488	Encore Wire Corp.	WIRE	$2,593	$1,277	103.0%	-134
66	192	Cleveland-Cliffs Inc.	CLF	$20,444	$5,319	281.8%	-126
373	495	Olympic Steel Inc.	ZEUS	$2,312	$1,234	87.4%	-122
110	223	Devon Energy Corp.	DVN	$13,117	$4,503	191.3%	-113
326	244	Spectrum Brands Holdings Inc.	SPB	$2,998	$3,964	14.3%	82
447	364	Seagen Inc.	SGEN	$1,574	$2,176	-27.6%	83
458	363	Carpenter Technology Corp.	CRS	$1,476	$2,181	-32.3%	95
410	303	Triumph Group Inc.	TGI	$1,870	$2,900	-35.5%	107
429	311	Greenbrier Companies Inc.	GBX	$1,748	$2,792	-37.4%	118

Data provided by Seeking Alpha and S&P Global.

About the Author

Robert Schoenberger

Editor-in-Chief

LinkedIn: linkedin.com/in/robert-schoenberger-4326b810

Bio: Robert Schoenberger has been writing about manufacturing technology in one form or another since the late 1990s. He began his career in newspapers in South Texas and has worked for The Clarion-Ledger in Jackson, Mississippi; The Courier-Journal in Louisville, Kentucky; and The Plain Dealer in Cleveland where he spent more than six years as the automotive reporter. In 2014, he launched Today's Motor Vehicles (now EV Manufacturing & Design), a magazine focusing on design and manufacturing topics within the automotive and commercial truck worlds. He joined IndustryWeek in late 2021.