10 Biggest Iron Ore Producers and Mines in the World
Updated on: 19/11/2022
Iron and its derivative steel are the backbones of the modern world. They are essential inputs for most industries, including construction and automotive. And even when they do not directly contribute, they are present in other areas such as machines that are responsible for manufacturing products.
12 Biggest Iron Ore Producers and Mines in the World
1. Rio Tinto Group (NYSE:RIO)
Total iron ore produced as of December 2021: 322 million tonnes
2. Vale S.A. (NYSE:VALE)
Total iron ore produced as of December 2021: 316 million tonnes
3. BHP Group Limited (NYSE:BHP)
Total iron ore produced as of December 2021: 254 million tonnes
4. Fortescue Metals Group Limited (OTCMKTS:FSUGY)
Total iron ore produced as of December 2021: 185 million tonnes
5. Anglo American plc (OTCMKTS:AAUKF)
Total iron ore produced as of December 2021: 64 million tonnes
6. ArcelorMittal S.A. (NYSE:MT)
Total iron ore produced as of December 2021: 51 million tonnes
7. Metalloinvest Management Company LLC
Total iron ore produced as of December 2021: 41 million tonnes
8. NMDC Limited (NSE:NMDC.NS)
Total iron ore produced as of December 2021: 35 million tonnes
9. CSN – Companhia Siderúrgica Nacional Siderúrgica Nacional (NYSE:SID)
Total iron ore produced as of December 2021: 32 million tonnes
10. Kumba Iron Ore Limited (OTCMKTS:KIROY)
Total iron ore produced as of December 2021: 30 million tonnes
See more: Top 10 stainless steel manufacturers in the world
The iron ore industry has enabled the modernization and industrialization of the Western world, and it continues to contribute to the growth of emerging economies such as China and India. As a whole, the sector was worth $2.6 billion by the end of last year, and it will grow at a compounded annual growth rate (CAGR) of 7% to sit at $4.6 billion by the end of 2029, estimates the research firm Data Bridge Market Research. Several drivers and opportunities will fuel the growth. These include the growth in the construction industry, which will lead to higher exploration; and the expansion of steel industries to facilitate global trade and port construction.
Another research report, this time from Mining Technology, outlines that while global iron production declined by 3% annually to sit at 2.19 billion tonnes in 2020, it will now grow steadily to reach 2.7 billion tonnes by 2025. A lucrative segment of the iron industry as a whole is the iron pellet sector. Straits Research estimates that the iron ore pellet market was worth a whopping $42 billion in 2021, and as if this weren’t enough, it will grow at a CAGR of 5% between then and 2030 to be worth $65 billion.
Source: SteelData
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