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Iron Ore Mining in the US - Industry Market Research Report

United States iron ore mining market: $7.6 billion industry by 2017

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2014-02-20 02:50:02 - Iron Ore Mining in the US - Industry Market Research Report - a new market research report on

The United States Iron Ore Mining market´s financial performance has been volatile in recent years. From 2008 to 2013, the industry weathered through double and tripledigit revenue spikes and declines, resulting in an average annual decline of 4.9%. This rate includes a projected marginal 0.9% growth to $7.0 billion in 2013 due to an expected drop in the price of iron ore. Previously, revenue declined 74.7% in 2009 in response to plummeting demand from steel producers, yet quickly rebounding iron ore prices propelled revenue over 2010.

Profit has been similarly unstable, though increased overall to about 39.7% of revenue in 2013 – among the highest in the mining sector. Market iron prices and the industry have benefited from growing steel demand



from emerging economies, such as China.

Over the five years to 2013, output has increased, yet has fluctuated significantly on a year-to-year basis in line with swings in demand for iron ore. In 2013, about 75.0% of the total iron ore mining output will be consumed by domestic steel manufacturers, either directly or from third-party processors. The three largest industry companies will be responsible for about 77.8% of this production and a similar proportion of total revenue. Two of these firms, United States Steel Corporation and ArcelorMittal, are integrated steel producers that use their own iron ore as an input into their steel-manufacturing operations.

Within its 18 firms, the industry employs an estimated 4,723 in 2013, paying wages that total about $393.5 million. Labor is a major input in the industry, but general increases in demand for iron ore typically require a minimal increase in labor. In 2010, however, revenue more than doubled due to a surge in steel demand from key downstream industries, like car manufacturing and construction; consequently, employment grew for the first time in five years.

Through 2018, production and profit are expected to increase, supported by strong demand for steel from emerging economies and the strengthening of the US economy. However, the price of iron ore is projected to drop in three of the next five years, declining at an annualized rate of 1.3% to an estimated $117.2 per metric ton by 2018.

Nevertheless, over the next five years, industry revenue is anticipated to increase on the back of strong demand from emerging economies such as China, at an average annual rate of 1.5% to total $7.6 billion.

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