As the largest iron ore producer in North America, Cliffs is wellpositioned to serve the region’s steel producers. With the unique advantage of being the lowcost producer of pellets in this market, the fluctuations of the commoditized price of seaborne iron ore have a limited impact on us.
Iron ore is a mineral substance which, when heated in the presence of a reductant, will yield metallic iron (Fe). It almost always consists of iron oxides, the primary forms of which are magnetite (Fe 3 O 4) and hematite (Fe 2 O 3). Iron ore is the source of primary iron for the world's iron and steel industries.