ABSTRACT
Iron ore is essential to the production of iron and steel and to the operation of all industrial economies. Iron is one of the most plentiful elements in existence, constituting 4-5 percent of the earth's crust. In order to be transformed into useful iron and steel products, iron ore must pass through a number of processes. Western Europe was able to supply most of the iron ore needed for its steel production in the prewar and immediate postwar years. Canada was among those countries whose iron ore production rose sharply in the postwar period. Growth in tonnage can be expected from Brazil and Australia, while most other sources, having reached their peaks in the mid-1970s, will maintain a relatively constant output. Iron Ore Company of Canada was financed initially by a consortium of nineteen US and Canadian insurance companies to the extent of U.S.$145 million.
