In this piece, we will take a look at the 12 biggest iron ore producers and mines in the world. For more companies and mines, head on over to 5 Biggest Iron Ore Producers and Mines in the World.
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.
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.
Today’s piece focuses on the backend of the iron ore supply chain, and it looks at the largest mining companies and their mines. The top players in the industry are Rio Tinto Group (NYSE:RIO), Vale S.A. (NYSE:VALE), and BHP Group Limited (NYSE:BHP).
Photo by Ant Rozetsky on Unsplash
Our Methodology
We sifted through the iron ore mining industry with a fine toothed comb to sort out the largest players and mines. These are then ranked according to their iron ore production by the end of 2021. We also mentioned the most notable mines these companies are working on. These mines are some of the biggest in the world.
Biggest Iron Ore Producers and Mines in the World
12. Novolipetsk Steel (MCX:NLMK.ME)
Total iron ore produced as of December 2021: 19.8 million tonnes
Novolipetsk Steel (MCX:NLMK.ME) is a Russian company that is headquartered in Lipetsk. The firm mines for iron ore and it also sells coke and steel. Its products are used in several different industries such as automotive, railroad, construction, and mining equipment.
Novolipetsk Steel (MCX:NLMK.ME) mines iron ore through its Stoilensky mine. This mine is located in Stary Oskol in Belgrad. The mine produced 19.8 million tonnes in 2020 and it had a large 18.2% share in the Russian iron ore production in 2020. Additionally, Novolipetsk Steel (MCX:NLMK.ME)’s Stoilensky mine also has six billion tons of industrial reserve and it is operates through the company’s OJSC Stoilensky GOK division.
Vale S.A. (NYSE:VALE), Rio Tinto Group (NYSE:RIO), and BHP Group Limited (NYSE:BHP) are met by Novolipetsk Steel (MCX:NLMK.ME) in our list of the world’s largest iron ore companies.
11. Luossavaara-Kiirunavaara Aktiebolag (LKAB)
Total iron ore produced as of December 2021: 27 million tonnes
Luossavaara-Kiirunavaara Aktiebolag (LKAB) is a Swedish state owned enterprise that was set up in 1890. The firm’s iron ore is transformed into pellets and sinter fines and it sells its products all over the world, in Europe, Asia, and North Africa. The company is headquartered in Lulea, Sweden.
Luossavaara-Kiirunavaara Aktiebolag (LKAB) churned out 27 million tonnes of iron ore in 2021, and it operates two mines in Sweden. These are located in the Swedish cities of Kiruna and Malmberget, and the company is responsible for 80% of Europe’s iron ore production. Luossavaara-Kiirunavaara Aktiebolag (LKAB)’s iron fines have more than 70% in iron content.
10. Kumba Iron Ore Limited (OTCMKTS:KIROY)
Total iron ore produced as of December 2021: 30 million tonnes
Kumba Iron Ore Limited (OTCMKTS:KIROY) is a South African mining company based out of Centurion, South Africa. The firm is a subsidiary of the mining giant Anglo American. It exports iron ore to countries all over the globe, including China, Europe, and the Middle East.
Kumba Iron Ore Limited (OTCMKTS:KIROY)’s Sishen mine in South Africa is one of the largest mines in the world. It had a total output of 28.6 million tonnes in 2021, placing it on the list of the ten largest mines in the world. The company also operates the Kolomela mine in the Northern Cape province of its home country, which produced 13.2 million tonnes in 2019.
9. Companhia Siderúrgica Nacional (NYSE:SID)
Total iron ore produced as of December 2021: 32 million tonnes
Companhia Siderúrgica Nacional (NYSE:SID) is a Brazilian national icon and a diversified mining and integrated steel producer. The firm was set up in 1941, and it mines for iron ore and limestone. The company is headquartered in Sao Paulo, Brazil.
Companhia Siderúrgica Nacional (NYSE:SID) operates iron ore mines through its Casa de Pedro and Engenho mines in Brazil’s Congonhas city. Its iron ore portfolio includes lump, sinter feed, and pellet feed. The company produced 32 million tonnes of iron ore in 2021, and it plans to increase this to range between 39 million and 41 million tonnes this year. Additionally, Companhia Siderúrgica Nacional (NYSE:SID) plans to grow its iron ore capacity to 116 million tonnes by 2036
Ken Griffin’s Citadel Investment Group is Companhia Siderúrgica Nacional (NYSE:SID)’s largest investor. It owns 1.9 million shares that are worth $5.6 million.
8. NMDC Limited (NSE:NMDC.NS)
Total iron ore produced as of December 2021: 35 million tonnes
NMDC Limited (NSE:NMDC.NS) is an Indian company that mines iron ore, copper, limestone, gypsum, and other minerals. The firm produces iron pellets and sponge iron and it exports its products to Japan and South Korea. It is headquartered in Hyderabad, India.
NMDC Limited (NSE:NMDC.NS)’s iron ore mines are located in Chhattisgarh and Karnataka. These are the Baidila, Donimalai, Sumarswamy, and Ramandurg mines. The company is India’s largest iron ore producer and the tenth largest iron ore producer in the world. NMDC Limited (NSE:NMDC.NS) produces 35 million tonnes of iron ore from the Dominalai and Bailadila mines and it is aiming to grow its production to 100 million tonnes by the end of 2030. By the end of October 2022, the firm had produced 19 million tonnes of iron ore, for a 2.5 million ton annual drop.
7. Metalloinvest Management Company LLC
Total iron ore produced as of December 2021: 41 million tonnes
Metalloinvest Management Company LLC is a Russian company that mines iron ore through its Lebedinsky GOK and Mikhailovsky GOK divisions. The company is headquartered in Moscow, Russia.
Metalloinvest Management Company LLC is one of the world’s largest producers of hot bracketed iron (HBI), the largest iron ore company in Russia, and the world’s second largest producer of iron pellets. Its proven iron reserves stand at a whopping 13.9 billion tonnes, which lends them a long 137 year life. Metalloinvest Management Company LLC’s Lebedinsky mine produced 22 million tonnes of iron ore in 2021, and the firm’s total output during the same year stood at 41 million tonnes. It produced more than half of Russian pellets in 2019, and contributed to 38% of the country’s iron ore concentrate and sintering ore.
6. ArcelorMittal S.A. (NYSE:MT)
Total iron ore produced as of December 2021: 51 million tonnes
ArcelorMittal S.A. (NYSE:MT) is an integrated company that mines iron ore and produces steel products. The firm’s iron ore mines are located in South Africa, Ukraine, Mexico, Canada, Brazil, Bosnia, and Liberia. It is headquartered in Luxembourg City, Luxembourg.
ArcelorMittal S.A. (NYSE:MT) also became the second largest steel producer in the world in 2022 when it produced 88 million tonnes of steel. On top of this, the firm’s diverse global mine portfolio let it produce 58 million tonnes of iron ore in 2020. However, this dropped to 51 million tonnes in 2021. ArcelorMittal S.A. (NYSE:MT)’s Mont-Wright mine in Canada is its largest mine, and this mine alone accounted for almost half of its production last year by producing 23 million tonnes of the mineral.
ArcelorMittal S.A. (NYSE:MT) is also heavily targeting the Indian steel industry. The firm estimates that Indian crude steel production will grow at a 10% CAGR by 2030 and stand at 300 million tons per annum in 2030. It aims to target this growth by supplying steel to the automotive, construction, energy, agriculture, and appliance industries in the country. The company’s first half saw it report $8 billion in net income for 28% annual growth alongside $10 billion in operating income, which was its highest figure in a decade.
JPMorgan raised ArcelorMittal S.A. (NYSE:MT)’s share price target to EUR24.5 from EUR23.5 in November 2022 and kept a Neutral rating on the shares.
ArcelorMittal S.A. (NYSE:MT)’s largest investor in our database is Rajiv Jain’s GQG Partners which owns 11 million shares that are worth $254 million.
ArcelorMittal S.A. (NYSE:MT) joins Rio Tinto Group (NYSE:RIO), Vale S.A. (NYSE:VALE), and BHP Group Limited (NYSE:BHP) amongst some of the biggest iron ore producers and mines in the world.
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Disclosure: None. 12 Biggest Iron Ore Producers and Mines in the World is originally published on Insider Monkey.