The correct answer is option 2 - China. China is known as the largest producer of steel in the world.
Option 1 - Australia: Australia is not the largest producer of steel in the world. While Australia does have significant iron ore reserves, it does not produce as much steel as China.
Option 3 - India: India is one of the largest producers of steel in the world, but it is not the largest. India has a strong steel industry and produces a considerable amount of steel, but it falls behind China in terms of production.
Option 4 - South Korea: South Korea is a major producer of steel, but again, it is not the largest producer in the world. South Korea has a strong steel industry and exports a significant amount of steel, but it is surpassed by China in terms of production.
It is important to note that the ranking of steel-producing countries can change over time, as production levels fluctuate. However, currently, China holds the title of being the largest producer of steel in the world.