$11.8bn
$X.Xbn
6,841
10
$X.Xbn
Iron ore miners have experienced significant growth for most of the period since iron is used to produce steel, linking performance directly to the strength of the global economy and construction markets. Exports are a significant market for miners and heightened demand from China alongside expansions from other major trading partners has been beneficial, as iron ore prices have spiked amid supply shortages. Overall, revenue has swelled at a CAGR of 4.6% to $11.8 billion through the end of 2024. Profit also pushed upward since steel producers had no choice but to pay higher prices amid low supply. Even so, revenue is set to dip a modest 0.3% in 2024 alone as prices push down and the economy fully recovers.
Industry revenue has grown at a CAGR of 4.6 % over the past five years, to reach an estimated $11.8bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Iron Ore Company of Canada | 3,333.6 | 902.6 | 27.1 | |
ArcelorMittal | 3,167.5 | 1,472.5 | 46.5 | |
Baffinland | 354.1 | 129.4 | 36.5 |
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Industry revenue is measured across several distinct product and services lines, including Iron ore pellets and Iron ore concentrates and other . Iron ore pellets is the largest segment of the Iron Ore Mining in Canada.
Production for concencreates remain elevated
The Iron Ore Mining industry in Canada mines iron ore and manganiferous ores valued primarily for their iron content. Companies in this industry also process ore into a concentrated or pellet form. This industry excludes blast furnace operations.
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NAICS 212210 - Iron Ore Mining in Canada
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
The pandemic caused supply chain issues, leading to significant price hikes that boosted revenue. Even so, revenue gradually declined as supply shortages were resolved toward...
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Other products enjoy growth as steelmakers diversify their production process. Steelmakers are increasingly adopting electric arc furnaces to use more energy-efficient direct...
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Nearly all operational mines are located in the Labrador Trough, Quebec or Nunavut. Some of these are actively operated mines and others are facilities engaged in beneficiati...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Iron ore miners primarily compete based on price, creating a highly competitive landscape despite the low number of enterprises. Miners toward cost management to gain a compe...
Learn about the performance of the top companies in the industry.
The Canadian government added high-grade iron ore to its Critical Minerals List, creating new opportunities for mining companies. This move is great news for Baffinland as it...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Mining companies receive favourable tax regimes from the government. These regimes allow companies to recover invested capital before paying off taxes.
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Given the industry's high capital intensity, depreciation accounts for a notable share of revenue. Recent upticks in production have caused depreciation to swell as companies...
Including values and annual change:
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Key data sources in Canada include:
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The market size of the Iron Ore Mining industry in Canada is $11.8bn in 2024.
There are 10 businesses in the Iron Ore Mining industry in Canada, which has grown at a CAGR of 7.4 % between 2019 and 2024.
The market size of the Iron Ore Mining industry in Canada has been growing at a CAGR of 4.6 % between 2019 and 2024.
Over the next five years, the Iron Ore Mining industry in Canada is expected to grow.
The biggest companies operating in the Iron Ore Mining market in Canada are Iron Ore Company of Canada, ArcelorMittal and Baffinland
Iron ore mining and Iron ore beneficiating are part of the Iron Ore Mining industry.
The company holding the most market share in Canada is Iron Ore Company of Canada.
The level of competition is high and steady in the Iron Ore Mining industry in Canada.