Of all the metals that make modern life possible, steel is the most widely used – and iron ore is its main ingredient.
Higher Iron ore grades are needed in improving Auto markets, Construction and other demanding types of specialized infrastructure. This is a prime reason for the great demand from maturing economies such as in China, Japan and Europe, and now increasingly in the Middle East and India. Export sales to China accounted for 63% of the Company’s total exports, up from 57% in 2014. Exports to Japan and South Korea remained at around 20% of the total, while India and the rest of Asia dropped to 7%, down from 12% in 2014. Sales to Europe and MENA remained at 10% of total sales during the year.
Iron ore is also used in medicine, cosmetics, engineering, construction, paint and a whole range of other products we use in our daily lives. And technology is demanding increasingly sophisticated forms of steel.