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 specialised 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 61% of the Company’s total exports. Exports to the rest of Asia remained at around 19% of the total, while Europe is 12%.
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.