Misplaced Pages

#840159

68-616: In 2015, Baowu was the second largest steel producer in the world measured by crude steel output , with an annual output of around 35 million tons (China's total steel production in 2015 was 803.8 million tons), and employed 130,401 employees as of the end of 2012, had annual revenues of around $ 21.5 billion, and produces a mix of products. In 2019, the company closed the gap with ArcelorMittal reaching 95.47 million tons of steel, and hitting $ 78 billion in revenues, with 195,434 employees. According to World Steel Association (Chinese companies data were provided by China Iron and Steel Association ),

136-516: A 33% to 40% recovery of magnetite by weight, to produce a concentrate grading in excess of 64% iron by weight. The typical magnetite iron ore concentrate has less than 0.1% phosphorus , 3–7% silica , and less than 3% aluminium . As of 2019, magnetite iron ore is mined in Minnesota and Michigan in the United States , eastern Canada , and northern Sweden . Magnetite-bearing banded iron formation

204-684: A benchmark to be followed by the rest of the industry. Singapore Mercantile Exchange (SMX) has launched the world's first global iron ore futures contract, based on the Metal Bulletin Iron Ore Index (MBIOI) which uses daily price data from a broad spectrum of industry participants and independent Chinese steel consultancy and data provider Shanghai Steelhome's widespread contact base of steel producers and iron ore traders across China. The futures contract has seen monthly volumes over 1,500,000 t (1,500,000 long tons; 1,700,000 short tons) after eight months of trading. This move follows

272-707: A further cut for Baosteel Group of 2.10 million while a 3.15 million cut was already planned the final ranking may still significantly change. The IPO of the subsidiary of Baosteel Group on the Shanghai Stock Exchange in 2000 was the largest in China up to that time, raising CNY 7.7 billion despite being limited to domestic investors only. In 1978, as part of the Chinese government's reform and opening , Chinese paramount leader Deng Xiaoping sought to develop large-scale steel production in China. The government planned for

340-495: A large integrated steel production facility to be located near the port of Shanghai , in Baoshan District , a suburb of Shanghai. In 1978, a delegation from the Chinese government, including Deng Xiaoping himself, visited a steel mill operated by Nippon Steel to learn how to construct such a large facility. As the government's flagship steel company, Baoshan Iron and Steel as it was originally called, benefitted from acquiring

408-505: A new facility in Zhanjiang , Guangdong , which formally started by its subsidiary Baoshan Iron & Steel in 2012, by acquiring 71.8032% stake of Zhanjiang Iron and Steel for CNY4.976 billion from State-owned Assets Supervision and Administration Commission of Guangzhou City. In 2011, Baosteel Group acquired 51% stake of Guangdong Shaoguan Iron and Steel Group from SASAC of Guangdong Government. In April 2012, Shaoguan Iron and Steel Co, Ltd.

476-506: A plan to merge Baosteel Group and fellow state-owned steel maker Wuhan Iron and Steel Corporation was announced. Baoshan Iron and Steel Company Limited , the listed portion of Baosteel Group would takeover the counterpart Wuhan Iron and Steel Company Limited in an all-share deal, while the rights of Wuhan Iron and Steel Corporation would be transferred to Baosteel Group for free as a wholly owned subsidiary. Both Baosteel Group and Wuhan Iron and Steel Corporation were supervised by SASAC of

544-424: A premium price. Due to the high density of hematite relative to associated silicate gangue, hematite beneficiation usually involves a combination of beneficiation techniques. One method relies on passing the finely-crushed ore over a slurry containing magnetite or other agent such as ferrosilicon which increases its density. When the density of the slurry is properly calibrated, the hematite will sink and

612-453: A relatively low-grade ore, they are also inexpensive to collect, as they do not have to be mined. Because of this, companies such as Magnetation have started reclamation projects where they use iron ore tailings as a source of metallic iron. The two main methods of recycling iron from iron ore tailings are magnetizing roasting and direct reduction. Magnetizing roasting uses temperatures between 700 and 900 °C (1,292 and 1,652 °F) for

680-600: A source of iron ore. Prior to the industrial revolution, most iron was obtained from widely-available goethite or bog ore , for example, during the American Revolution and the Napoleonic Wars . Historically, much of the iron ore utilized by industrialized societies has been mined from predominantly hematite deposits with grades of around 70% Fe. These deposits are commonly referred to as "direct shipping ores" or "natural ores". Increasing iron ore demand, coupled with

748-487: A subsidiary of Shanghai Metallurgical Holding, the former Shanghai No.3 Iron and Steel Plant, Shanghai Pudong Iron and Steel, formed a joint venture with ThyssenKrupp of Germany, as Shanghai Krupp Stainless. It followed the parent company to become a subsidiary of Baosteel Group in 1998. In 2000, a subsidiary Baoshan Iron & Steel Co., Ltd. was formed to list a portion of the group on the Shanghai Stock Exchange , while Shanghai No.1st, 2, 3 and 5 Iron and Steel Plants of

SECTION 10

#1732869928841

816-597: A switch to index-based quarterly pricing by the world's three largest iron ore miners— Vale , Rio Tinto , and BHP —in early 2010, breaking a 40-year tradition of benchmark annual pricing. Iron is the most abundant element on earth but not in the crust. The extent of the accessible iron ore reserves is not known, though Lester Brown of the Worldwatch Institute suggested in 2006 that iron ore could run out within 64 years (that is, by 2070), based on 2% growth in demand per year. Geoscience Australia calculates that

884-418: A time of under 1 hour to produce an iron concentrate (Fe 3 O 4 ) to be used for iron smelting. For magnetizing roasting, it is important to have a reducing atmosphere to prevent oxidization and the formation of Fe 2 O 3 because it is harder to separate as it is less magnetic. Direct reduction uses hotter temperatures of over 1,000 °C (1,830 °F) and longer times of 2–5 hours. Direct reduction

952-655: A typically titanium -bearing magnetite, often with vanadium . These ores form a niche market, with specialty smelters used to recover the iron, titanium, and vanadium. These ores are beneficiated essentially similarly to banded iron formation ores, but usually are more easily upgraded via crushing and screening . The typical titanomagnetite concentrate grades 57% Fe, 12% Ti, and 0.5% V 2 O 5 . For every one ton of iron ore concentrate produced, approximately 2.5–3.0 tons of iron ore tailings will be discharged. Statistics show that there are 130 million tons of iron ore tailings discharged every year. If, for example,

1020-632: A value of $ 2.3 billion. 46% of Canada's iron ore comes from the Iron Ore Company of Canada mine, in Labrador City , Newfoundland , with secondary sources including the Mary River Mine in Nunavut . According to the U.S. Geological Survey's 2021 Report on iron ore, India is estimated to produce 59,000,000 t (58,000,000 long tons; 65,000,000 short tons) of iron ore in 2020, placing it as

1088-511: Is a list of the largest steel-producing companies in the world mostly based on the list by the World Steel Association . The list ranks steelmakers by volume of steel production in millions of tons over time and includes all steelmakers with production over 10 million in 2021. The World Steel Association features a list from its members every year. Due to mergers, year-to-year figures for some producers are not comparable. Not all steel

1156-511: Is a high-volume, low-margin business, as the value of iron is significantly lower than base metals. It is highly capital intensive, and requires significant investment in infrastructure such as rail in order to transport the ore from the mine to a freight ship. For these reasons, iron ore production is concentrated in the hands of a few major players. World production averages 2,000,000,000 t (2.0 × 10 long tons; 2.2 × 10 short tons) of raw ore annually. The world's largest producer of iron ore

1224-428: Is expected to rise by a CAGR of 2% between 2023 and 2027, and industry analyst Fitch Solutions forecasted in 2021 that Brazil's annual production will reach 592,000,000 t (583,000,000 long tons; 653,000,000 short tons) by 2030. In 2017, Canadian iron ore mines produced 49,000,000 t (48,000,000 long tons; 54,000,000 short tons) of iron ore in concentrate pellets and 13.6 million tons of crude steel. Of

1292-510: Is followed by Japan and Korea, which consume a significant amount of raw iron ore and metallurgical coal . In 2006, China produced 588,000,000 t (579,000,000 long tons; 648,000,000 short tons) of iron ore, with an annual growth of 38%. Over the last 40 years, iron ore prices have been decided in closed-door negotiations between the small handful of miners and steelmakers which dominate both spot and contract markets. Until 2006, prices were determined in annual benchmark negotiations between

1360-586: Is in the iron ranges around Lake Superior . These iron ranges occur in Minnesota and Michigan, which combined accounted for 93% of the usable iron ore produced in the United States in 2014. Seven of the nine operational open pit mines in the United States are located in Minnesota as well as two of the three tailings reclamation operations. The other two active open pit mines were located in Michigan . In 2016, one of

1428-693: Is mined extensively in Brazil as of 2019, which exports significant quantities to Asia , and there is a nascent and large magnetite iron ore industry in Australia . Direct-shipping iron ore (DSO) deposits (typically composed of hematite ) are currently exploited on all continents except Antarctica , with the largest intensity in South America , Australia, and Asia. Most large hematite iron ore deposits are sourced from altered banded iron formations and (rarely) igneous accumulations. DSO deposits are typically rarer than

SECTION 20

#1732869928841

1496-456: Is the raw material used to make pig iron , which is one of the main raw materials to make steel —98% of the mined iron ore is used to make steel. In 2011 the Financial Times quoted Christopher LaFemina, mining analyst at Barclays Capital, saying that iron ore is "more integral to the global economy than any other commodity, except perhaps oil ". Metallic iron is virtually unknown on

1564-476: Is the Brazilian mining corporation Vale , followed by Australian companies Rio Tinto Group and BHP . A further Australian supplier, Fortescue Metals Group Ltd, has helped bring Australia's production to first in the world. The seaborne trade in iron ore—that is, iron ore to be shipped to other countries—was 849,000,000 t (836,000,000 long tons; 936,000,000 short tons) in 2004. Australia and Brazil dominate

1632-474: Is the same. Some steel is more valuable than other steel, so the volume is not the same as turnover. Some of the world's leading steel producers include China Baowu Group and ArcelorMittal . Notable players from China are HBIS Group, Ansteel Group , and Shagang Group . Japan's Nippon Steel Corporation is renowned for quality. POSCO Holdings from South Korea is also a significant contributor. In India , Tata Steel , JSW Steel and SAIL are key players in

1700-425: Is used to produce sponge iron (Fe) to be used for steel-making. Direct reduction requires more energy, as the temperatures are higher and the time is longer and it requires more reducing agent than magnetizing roasting. Lower-grade sources of iron ore generally require beneficiation , using techniques like crushing, milling , gravity or heavy media separation , screening, and silica froth flotation to improve

1768-878: The Chichester Range , the Hamersley Range and Koolyanobbing , Western Australia . Other types of ore are coming to the fore recently, such as oxidised ferruginous hardcaps, for instance laterite iron ore deposits near Lake Argyle in Western Australia. The total recoverable reserves of iron ore in India are about 9,602,000,000 t (9.450 × 10 long tons; 1.0584 × 10 short tons) of hematite and 3,408,000,000 t (3.354 × 10 long tons; 3.757 × 10 short tons) of magnetite . Chhattisgarh , Madhya Pradesh , Karnataka , Jharkhand , Odisha , Goa , Maharashtra , Andhra Pradesh , Kerala , Rajasthan , and Tamil Nadu are

1836-598: The Earth 's surface except as iron-nickel alloys from meteorites and very rare forms of deep mantle xenoliths . Although iron is the fourth-most abundant element in the Earth's crust , composing about 5%, the vast majority is bound in silicate or, more rarely, carbonate minerals, and smelting pure iron from these minerals would require a prohibitive amount of energy. Therefore, all sources of iron used by human industry exploit comparatively rarer iron oxide minerals, primarily hematite . Prehistoric societies used laterite as

1904-555: The Pilbara region of Western Australia is approximately 844,000,000 t (831,000,000 long tons; 930,000,000 short tons) per year and rising. Gavin Mudd ( RMIT University ) and Jonathon Law ( CSIRO ) expect it to be gone within 30–50 years and 56 years, respectively. These 2010 estimates require ongoing review to take into account shifting demand for lower-grade iron ore and improving mining and recovery techniques (allowing deeper mining below

1972-896: The United Kingdom and the United States , are included in the list associated with their volumes used as figures. Iron ore Iron ores are rocks and minerals from which metallic iron can be economically extracted. The ores are usually rich in iron oxides and vary in color from dark grey, bright yellow, or deep purple to rusty red. The iron is usually found in the form of magnetite ( Fe 3 O 4 , 72.4% Fe), hematite ( Fe 2 O 3 , 69.9% Fe), goethite ( FeO(OH) , 62.9% Fe), limonite ( FeO(OH)·n(H 2 O) , 55% Fe), or siderite ( FeCO 3 , 48.2% Fe). Ores containing very high quantities of hematite or magnetite, typically greater than about 60% iron, are known as natural ore or direct shipping ore , and can be fed directly into iron-making blast furnaces . Iron ore

2040-407: The silicate mineral fragments will float and can be removed. Iron is the world's most commonly used metal—steel, of which iron ore is the key ingredient, represents almost 95% of all metal used per year. It is used primarily in structures, ships, automobiles, and machinery. Iron-rich rocks are common worldwide, but ore-grade commercial mining operations are dominated by the countries listed in

2108-506: The steel industry . Steelmakers from multiple different countries, such as Algeria , Argentina , Australia , Austria , Brazil , Canada , Chile , China , Denmark , Egypt , Finland , France , Germany , India , Iran , Israel , Italy , Japan , Malaysia , Mexico , the Netherlands , Norway , Pakistan , Poland , Romania , Russia , Saudi Arabia , South Korea , Spain , Sweden , Switzerland , Thailand , Turkey , Ukraine ,

Baowu - Misplaced Pages Continue

2176-407: The " Shanghai Meishan Group " (上海梅山集团公司) to form Shanghai Baosteel Group Corporation . The new conglomerate was the largest steel producer in the country with annual steel production of nearly 20 million tons. Since then, the strategy of Baosteel Group has been to expand production capacity in iron and steel, achieve vertical integration along the value chain, and acquire related industries. In 1997,

2244-420: The 13,600,000 t (13,400,000 long tons; 15,000,000 short tons) of steel 7,000,000 t (6,900,000 long tons; 7,700,000 short tons) was exported, and 43,100,000 t (42,400,000 long tons; 47,500,000 short tons) of iron ore was exported at a value of $ 4.6 billion. Of the iron ore exported, 38.5% of the volume was iron ore pellets with a value of $ 2.3 billion, and 61.5% was iron ore concentrates with

2312-680: The 62–64% Fe range. Granite and ultrapotassic igneous rocks were sometimes used to segregate magnetite crystals and form masses of magnetite suitable for economic concentration. A few iron ore deposits, notably in Chile , are formed from volcanic flows containing significant accumulations of magnetite phenocrysts . Chilean magnetite iron ore deposits within the Atacama Desert have also formed alluvial accumulations of magnetite in streams leading from these volcanic formations. Some magnetite skarn and hydrothermal deposits have been worked in

2380-557: The Central Government . As of December 2016, the name of the new group is China Baowu Steel Group Corporation . It is now the second largest steel producer in the world, with assets estimated to be worth around 730 billion Yuan , employing 228,000 employees and expected annual sales revenues of 330 billion Yuan ( $ 47.9 billion). In early 2016, Baosteel Group was accused by US Steel Corp . of stealing commercial secrets. Baosteel rejected these allegations, stating that "In particular,

2448-429: The United States is estimated to have accounted for 2% of the world's iron ore output. In the United States there are twelve iron ore mines, with nine being open pit mines and three being reclamation operations. There were also ten pelletizing plants, nine concentration plants, two direct-reduced iron (DRI) plants, and one iron nugget plant that were operating in 2014. In the United States the majority of iron ore mining

2516-577: The charges claiming that Baosteel stole commercial secrets from U.S. Steel is rootless speculation and subjective assumption, and could even be described as an absurd statement". The United States International Trade Commission launched a probe into these allegations in May 2016. Next to Baosteel, Hebei Iron and Steel Group , Wuhan Iron and Steel Co., Ltd. , Maanshan Iron and Steel Company Limited , Anshan Iron and Steel Group and Jiangsu Shagang Group are also under investigation. In February 2017, US Steel dropped

2584-683: The claim of trade secret theft because of a lack of evidence, and in October 2017, the United States International Trade Commission dismissed the anti-circumvention allegation. In March 2018, it additionally dismissed the antitrust claims, again because of a lack of evidence, and ended the investigation. In 2019, China Baowu Steel Group acquired 51% stake of Masteel Group from the SASAC of Anhui Provincial People's Government  [ zh ] for free. The acquisition also included

2652-411: The concentration of the ore and remove impurities. The results, high-quality fine ore powders, are known as fines. Magnetite is magnetic , and hence easily separated from the gangue minerals and capable of producing a high-grade concentrate with very low levels of impurities. The grain size of the magnetite and its degree of commingling with the silica groundmass determine the grind size to which

2720-670: The corporation was ranked the 5th in 2015 the world ranking by production volume (2nd in China for 34.938 million metric tons). A plan to merge with Wuhan Iron and Steel Corporation was announced on 21–22 September 2016, which would make the combined production volume the second highest in the world (34.938 million + 25.776 million), after ArcelorMittal (97.136 million in 2015), surpassing Hesteel Group (47.745 million in 2015). Since Baosteel Group and Wuhan Iron and Steel Corporation also announced targets of cutting 3.95 and 4.42 million metric tons production capacity respectively in June and July 2016, and

2788-533: The country's " economic demonstrated resources " of iron currently amount to 24 gigatonnes , or 24,000,000,000 t (2.4 × 10 long tons; 2.6 × 10 short tons). Another estimate places Australia's reserves of iron ore at 52,000,000,000 t (5.1 × 10 long tons; 5.7 × 10 short tons), or 30% of the world's estimated 170,000,000,000 t (1.7 × 10 long tons; 1.9 × 10 short tons), of which Western Australia accounts for 28,000,000,000 t (2.8 × 10 long tons; 3.1 × 10 short tons). The current production rate from

Baowu - Misplaced Pages Continue

2856-584: The depletion of high-grade hematite ores in the United States, led after World War II to the development of lower-grade iron ore sources, principally the use of magnetite and taconite . Iron ore mining methods vary by the type of ore being mined. There are four main types of iron ore deposits worked currently, depending on the mineralogy and geology of the ore deposits. These are magnetite, titanomagnetite , massive hematite, and pisolitic ironstone deposits. The origin of iron can be ultimately traced to its formation through nuclear fusion in stars, and most of

2924-463: The engineers and managers, access to technology, and receiving government contracts. Initially, the firm limited its exports to just 10% of steel production, hoping to fulfill domestic demand. Baoshan Iron and Steel also benefitted from the Chinese economic expansion which consumed all the steel available. However, with the continuing liberalization of the Chinese economy, Baoshan found itself in competition with new rivals, both foreign and domestic. By

2992-442: The gangue is separated during the beneficiation process and is removed as tailings . Taconite tailings are mostly the mineral quartz , which is chemically inert. This material is stored in large, regulated water settling ponds. The key parameters for magnetite ore being economic are the crystallinity of the magnetite, the grade of the iron within the banded iron formation host rock, and the contaminant elements which exist within

3060-789: The groundwater table). Brazil is the second-largest producer of iron ore after Australia, accounting for 16% of the world's iron ore production. After a somewhat sluggish production volume 2010-2020, partly due to the Mariana dam disaster in 2015 and the Brumadinho dam disaster in 2019, which halted the production at the two involved mines, production has increased steadily since 2021, when Brazil produced 431,000,000 t (424,000,000 long tons; 475,000,000 short tons). In 2022 it increased to 435,000,000 t (428,000,000 long tons; 480,000,000 short tons) and in 2023 to 440,000,000 t (430,000,000 long tons; 490,000,000 short tons). The Brazilian production

3128-412: The group were remaining unlisted. In 2004, the listed subsidiary acquired Meishan Iron and Steel from Baosteel Group (via Shanghai Meishan Group). Baosteel took over the benchmark negotiations in the global iron ore market in 2006. At that time, the global iron ore market had been subject to a benchmark pricing regime set by the three largest producers ( Rio Tinto , Vale S.A. , and BHP Billiton ) and

3196-402: The indirect controlling stake of the list company Maanshan Iron and Steel Company Limited . By 2020 the company had become the largest steel manufacturer in the world by volume. In 2022, Baowu acquired fellow state-owned enterprise Sinosteel . Baosteel Group was a minority owner of Metallurgical Corporation of China Limited for 0.65% (as at 30 June 2010). Excluding the investment held by

3264-450: The iron and carbon smelting must be kept in an oxygen-deficient (reducing) state to promote the burning of carbon to produce CO and not CO 2 . The inclusion of even small amounts of some elements can have profound effects on the behavioral characteristics of a batch of iron or the operation of a smelter. These effects can be both good and bad, some catastrophically bad. Some chemicals are deliberately added, such as flux, which makes

3332-413: The iron from the oxygen, a stronger elemental bond must be presented to attach to the oxygen. Carbon is used because the strength of a carbon-oxygen bond is greater than that of the iron-oxygen bond at high temperatures. Thus, the iron ore must be powdered and mixed with coke , to be burnt in the smelting process. Carbon monoxide is the primary ingredient of chemically stripping oxygen from iron. Thus,

3400-889: The iron is thought to have originated in dying stars that are large enough to explode as supernovae . The Earth's core is thought to consist mainly of iron, but this is inaccessible from the surface. Some iron meteorites are thought to have originated from asteroids 1,000 km (620 mi) in diameter or larger. Banded iron formations (BIFs) are sedimentary rocks containing more than 15% iron composed predominantly of thinly-bedded iron minerals and silica (as quartz ). Banded iron formations occur exclusively in Precambrian rocks, and are commonly weakly-to-intensely metamorphosed . Banded iron formations may contain iron in carbonates ( siderite or ankerite ) or silicates ( minnesotaite , greenalite , or grunerite ), but in those mined as iron ores, oxides ( magnetite or hematite ) are

3468-512: The largest importer (which had been Japanese importers prior to 2006). In 2009, it was replaced as the lead negotiator by China Iron and Steel Association . The benchmark pricing system ended in 2010. In 2007 Baosteel Group acquired the majority stake of Xinjiang Ba Yi Iron and Steel Group , which was the parent company of Ba Yi Iron and Steel [Company Limited by Shares]. In 2008 Baosteel Group expended in Southern China, which planned to build

SECTION 50

#1732869928841

3536-637: The late 1990s, the company removed its cap on steel exports; it scored notable success in South Korea . Although hurt by the Asian financial crisis , Baoshan pushed through with a merger of other money losing state owned enterprises, though it had managed to remain profitable itself. On November 17, 1998, the former Baoshan Iron and Steel (Group) Corporation absorbed the Shanghai Metallurgical Holding Group Corporation (上海冶金控股集团公司) and

3604-602: The listed subsidiary Baoshan Iron and Steel, Baosteel Group owned 0.88% stake (via Hwabao Investment) in PetroChina Pipelines, the company that runs West–East Gas Pipeline . Baosteel Group, as at 31 December 2015, still owned 15.11% stake in New China Life Insurance , a listed company in both Hong Kong and Shanghai Stock Exchange, as well as China Bohai Bank for 11.67% stake, China Pacific Insurance for 14.17% stake. List of steel producers This

3672-423: The magnetite concentrate. The size and strip ratio of most magnetite resources is irrelevant, as a banded iron formation can be hundreds of meters thick, extend hundreds of kilometers along strike , and can easily come to more than three billion or more tonnes of contained ore. The typical grade of iron at which a magnetite-bearing banded iron formation becomes economic is roughly 25% iron, which can generally yield

3740-476: The magnetite-bearing BIF or other rocks which form its main source, or protolith rock, but are considerably cheaper to mine and process as they require less beneficiation due to the higher iron content. However, DSO ores can contain significantly higher concentrations of penalty elements, typically being higher in phosphorus, water content (especially pisolite sedimentary accumulations), and aluminium ( clays within pisolites). Export-grade DSO ores are generally in

3808-399: The main iron ore producers ( BHP Billiton , Rio Tinto , and Vale S.A. ) and Japanese importers. In 2006, Chinese company Baosteel began handling negotiations for the importer side. The Chinese government replaced Baosteel with China Iron and Steel Association as lead negotiator in 2009. Traditionally, the first deal reached between these the major producers and the major importers sets

3876-410: The mine tailings contain an average of approximately 11% iron, there would be approximately 1.41 million tons of iron wasted annually. These tailings are also high in other useful metals such as copper , nickel , and cobalt , and they can be used for road-building materials like pavement and filler and building materials such as cement, low-grade glass, and wall materials. While tailings are

3944-504: The past as high-grade iron ore deposits requiring little beneficiation . There are several granite-associated deposits of this nature in Malaysia and Indonesia . Other sources of magnetite iron ore include metamorphic accumulations of massive magnetite ore such as at Savage River , Tasmania , formed by shearing of ophiolite ultramafics . Another, minor, source of iron ores are magmatic accumulations in layered intrusions which contain

4012-473: The principal Indian producers of iron ore. World consumption of iron ore grows 10% per year on average with the main consumers being China, Japan, Korea, the United States, and the European Union. China is currently the largest consumer of iron ore, which translates to be the world's largest steel producing country. It is also the largest importer, buying 52% of the seaborne trade in iron ore in 2004. China

4080-474: The principal iron mineral. Banded iron formations are known as taconite within North America. The mining involves moving tremendous amounts of ore and waste. The waste comes in two forms: non-ore bedrock in the mine ( overburden or interburden locally known as mullock), and unwanted minerals, which are an intrinsic part of the ore rock itself ( gangue ). The mullock is mined and piled in waste dumps , and

4148-429: The quartz is left behind when the resultant powder is passed under a magnetic separator. Generally, most magnetite banded iron formation deposits must be ground to between 32 and 45 μm (0.0013 and 0.0018 in) in order to produce a low-silica magnetite concentrate. Magnetite concentrate grades are generally in excess of 70% iron by weight and usually are low in phosphorus, aluminium, titanium, and silica and demand

SECTION 60

#1732869928841

4216-407: The rock must be comminuted to enable efficient magnetic separation to provide a high-purity magnetite concentrate. This determines the energy inputs required to run a milling operation. Mining of banded iron formations involves coarse crushing and screening, followed by rough crushing and fine grinding to comminute the ore to the point where the crystallized magnetite and quartz are fine enough that

4284-446: The seaborne trade, with 72% of the market. BHP, Rio and Vale control 66% of this market between them. In Australia , iron ore is won from three main sources: pisolite " channel iron deposit " ore derived by mechanical erosion of primary banded-iron formations and accumulated in alluvial channels such as at Pannawonica, Western Australia ; and the dominant metasomatically altered banded iron formation -related ores such as at Newman ,

4352-459: The seventh largest global center of iron ore production, behind Australia, Brazil, China, India, Russia, and South Africa. Producers of iron ore in Ukraine include Ferrexpo , Metinvest , and ArcelorMittal Kryvyi Rih . In 2014, mines in the United States produced 57,500,000 t (56,600,000 long tons; 63,400,000 short tons) of iron ore with an estimated value of $ 5.1 billion. Iron mining in

4420-451: The seventh-largest global center of iron ore production, behind Australia, Brazil, China, Russia, South Africa, and Ukraine. India's iron ore production in 2023 was 285,000,000 metric tonnes and was the fourth largest producer in the world. According to the U.S. Geological Survey's 2021 Report on iron ore, Ukraine is estimated to have produced 62,000,000 t (61,000,000 long tons; 68,000,000 short tons) of iron ore in 2020, placing it as

4488-401: The table aside. The major constraint to economics for iron ore deposits is not necessarily the grade or size of the deposits, because it is not particularly hard to geologically prove enough tonnage of the rocks exist. The main constraint is the position of the iron ore relative to market, the cost of rail infrastructure to get it to market, and the energy cost required to do so. Mining iron ore

4556-589: The two mines shut down. There have also been iron ore mines in Utah and Alabama ; however, the last iron ore mine in Utah shut down in 2014 and the last iron ore mine in Alabama shut down in 1975. Iron ores consist of oxygen and iron atoms bonded together into molecules. To convert it to metallic iron, it must be smelted or sent through a direct reduction process to remove the oxygen. Oxygen-iron bonds are strong, and to remove

4624-579: Was established. Boasteel owns the 85% of held resources company Aquila Resources Pty Ltd, through Baosteel Resources. Boasteel developed a sales and distribution network in China and foreign countries. Boasteel overseas subsidiaries controls key minerals resources for steel production, such as the Majishan ore terminal in the port of Zhoushan . Baosteel also invested in steel-related industries such as Baoxin Software and Baosteel Chemical. On 21–22 September 2016,

#840159