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Rising Steel Demand & Iron Ore Mining

The demand for steel is surging, reflected in the record-breaking prices for iron ore. The construction of buildings and infrastructure accounts for around half of the world’s steel demand, while other contributing sectors include the energy, automotive, and manufacturing industries.

But global iron ore production is struggling to keep up with this rising demand for steel. In an effort to stay ahead, mining companies, like BHP, have announced major maintenance campaigns as a way of optimising operations and boosting production.

Key fact: In 2022, steel demand is expected to see a growth of 2.7%, reaching 1,924.6 Mt

The extraction of iron ore is achieved with open-pit mining techniques, which have many negative impacts on the environment, from water contamination and landscape destruction to air pollution. To mitigate these hazards while increasing production, mining companies are looking at ways to decarbonise their operations.

One strategy is to move from open-pit mining to underground mining, which is more energy efficient and less damaging to the surrounding environment.

Key fact: Globally, iron ore production is expected to reach over 2,500 million tonnes by 2025

Benefits

  • Produces essential resource

  • Steel is 100% recyclable

  • Supports iron and steel industries

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