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Canadian Iron Ore Producer Pulls Back on Winter Operations
01/06/2016 - Tata Steel Minerals Canada (TSMC), the steelmaker’s iron ore joint venture in Canada, is scaling down winter operations at its direct-shipping ore project.
In a statement, joint venture partner New Millennium Iron Corp. said the scale-back includes stabilization activities of the plant at the project site.
“This action is in response to presently challenging conditions in the steel and iron ore markets and is expected to be reviewed on an ongoing basis,” New Millennium said in a statement. “The number of TSMC employees affected will be based on operational needs, including services and maintenance.”
The joint venture mines, processes and ships sinter fines and pellet fines to Tata Steel’s European mills. Tata owns a 94-percent stake in the joint venture; New Millennium owns a 6-percent stake.
New Millennium is an iron ore development company with extensive holdings in Canada’s principal iron ore fields, the Labrador Trough. The region straddles the border of Quebec and Newfoundland and Labrador.
New Millennium’s largest shareholder is Tata Steel, which owns slightly more than 26 percent of the business.
“This action is in response to presently challenging conditions in the steel and iron ore markets and is expected to be reviewed on an ongoing basis,” New Millennium said in a statement. “The number of TSMC employees affected will be based on operational needs, including services and maintenance.”
The joint venture mines, processes and ships sinter fines and pellet fines to Tata Steel’s European mills. Tata owns a 94-percent stake in the joint venture; New Millennium owns a 6-percent stake.
New Millennium is an iron ore development company with extensive holdings in Canada’s principal iron ore fields, the Labrador Trough. The region straddles the border of Quebec and Newfoundland and Labrador.
New Millennium’s largest shareholder is Tata Steel, which owns slightly more than 26 percent of the business.
