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North American Demand for Steel to Boost Iron Ore Production(May 23, 2012)
ROCKVILLE, MD -- (Marketwire) -- 05/23/12 -- MarketResearch.com has announced the addition of the new report "Iron Ore Mining Market in North America to 2020 - Demand for Steel in the US to Boost Regional Iron Ore Production," to their collection of Energy & Resources market reports. For more information, visit http://www.marketresearch.com/GBI-Research-v3759/Iron-Ore-Mining-North-America-6927073/
Growing demand looks to bring about an evolution in the US iron industry, despite North America having historically been a modest iron ore producing and consuming region, according to a new report by mining analysts GBI Research.
The report states that increasing regional demand for steel is boosting iron ore production, made possible by the area's huge natural resources.
During 2012-2020, the rising global demand for steel is expected to be the main factor behind growth in iron ore production. This demand is primarily due to stem from the US, but will be coupled with demand from other steel-producing countries such as China, Germany and France.
North America is home to substantial high-grade iron ore reserves and, according to the United States Geological Survey (USGS) 2011, the region contributed around 13.2 billion metric tons towards global iron ore reserves at the end of 2010, accounting for an 8% share of total global reserves. The US, with potential reserves of 6.9 billion metric tons, or around 4% of the global iron ore reserves, has the largest iron ore reserves in the region, followed by Canada with a 3.6% share of the global reserves. North American iron ore reserves are predominantly magnetite and hematite grades, which are rich in ferrous content and require no further beneficiation. North America's iron ore reserves are mainly found in the provinces of Minnesota and Michigan in the US, and in the Quebec, Newfoundland and Labrador provinces of Canada.
North America produced an estimated 97.1 million metric tons (MMt) of iron ore in 2011, and production is expected to grow at a compound annual growth rate (CAGR) of 4.1% during 2012-2020, to reach 140 MMt in 2020.
North America's iron ore consumption decreased from 90.1 MMt in 2000 to an estimated 61.7 MMt in 2011. However, during the forecast period, the North American iron ore consumption is expected to increase at a CAGR of around 3.6% to reach 86.8 MMt by 2020.
For more information, visit http://www.marketresearch.com/GBI-Research-v3759/Iron-Ore-Mining-North-America-6927073/
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