In modern era, richest countries are those which have metals and ore. Countries with largest production of iron and oil are considered the most resource-rich in the world. Many experts urge that it is second-most integral part of economy after oil. Global production of raw steel is now escalating in the developing and newly industrialized countries that directly increases demand of iron production. Approximately 98% of the ore shipped in the world is used in the production of iron and steel. It is an extremely valuable element for building a strong economy. This hard substance, upon super heating, can easily be molded into different shapes to make anything from fire tongs to furnaces. About 5 percent of our earth’s crust is made up of it, and in some parts of the world, the element concentrates in ores that possess 70 percent iron. It’s refining and molding is much cheapest than other metals that why it is mostly used in industries. It is the second-largest traded commodity of the world by value after crude oil. In 2012, two billion tonnes was extracted. Check out list of some major producer of iron as per US Geological Survey data, 2012-13 . Mine production of below listed countries is reported in usable ore except china which is calculated on the basis of crude ore.
China is the largest iron ore producers in the world with annual production of 1,320 thousands of tonnes in 2013, took advantages of economies of scale due to its large domestic coal industry. Australia is the country with largest iron ore reserves of 35 million tonnes crude ore having iron content of 17 million tonnes.
Source: US Geological Survey data, 2012-13
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