SIC Code 1011-98 - Iron-Ore

The Iron-Ore industry involves the mining and processing of iron ores. Iron ore is a mineral substance which, when heated in the presence of a reductant, yields metallic iron (Fe). Iron ore is mined in over 50 countries globally, with Brazil and Australia being the largest producers. The industry is a crucial source of raw materials for the production of steel, which is used in a range of applications including construction, transportation, and manufacturing. The process of extracting iron ore involves drilling, blasting, crushing, screening, and blending of the ores. The mined ore is then transported to processing plants where it is crushed, washed, and separated to remove impurities. The resulting product is a high-grade iron ore concentrate which is then used in the production of steel. The Iron-Ore industry is subject to fluctuations in demand and prices due to its reliance on the steel industry. The industry is also subject to environmental regulations and concerns, particularly in relation to the impact of mining on local ecosystems and communities. Overall, the Iron-Ore industry plays a vital role in the global economy and is a key component of the steel production supply chain.