This paper examines changes in the steel-related export structure of the ten largest steelmaking economies between 2004 and 2014, in terms of the steel products exported and the market destination for those exports. To shed light on how exporters’ patterns of specialisation have changed in the period since 2004, indices of “Revealed Comparative Advantage” (RCA) are developed for a number of low, medium and high value-added steel products, indicating that export specialisation patterns may be changing noticeably as some steel producers in emerging economies move up the value chain and begin exporting more sophisticated steel products. The paper also assesses the role of innovation, as measured by patents, in determining the export structure of countries, and finds a positive correlation between innovation activity and export specialisation in higher value-added steel segments.