IRON 



293 



TTT 



/\ 



I I I 



^1^ 



V^Z 



y 



y 



I I I 



TTT 



World 

 iron ore 

 production 



., X 



/ 



World trad* 

 in iron or»_ ' 



X — ^ 



I I I 



^1^ 



_V^ 



J 



I I I 



TT-f 



/ 



I I I 



1959 



1967 



Figure 34. — World production and world trade in iron ore 

 since 1951. Data from Institute of Geological Sciences 

 (1971) and from U.S. Bureau of Mines Minerals Year- 

 books (1951-70) and Commodity Data Summaries (1972). 



118 million tons and in recent years has been be- 

 tween 80 and 90 million tons. This is considerably 

 lower than it was two decades ago, despite an in- 

 crease of nearly 20 percent in domestic consumption. 



A considerable amount of the world trade in iron 

 ore has resulted from the investment of American 

 capital overseas. This has helped to provide the 

 United States with a continuing supply of high- 

 grade, low-cost iron ore, but it has also enabled 

 other nations to obtain assured supplies and to 

 produce fabricated products that compete effectively 

 with American goods, both in the domestic market 

 and in foreign markets that formerly were depend- 

 ent on U.S. sources. 



For many years the United States led the world 

 in iron-ore and steel production. However, in 1958, 

 the Soviet Union surpassed the United States in 

 annual iron-ore production, and in recent years its 



production has been almost double that of the United 

 States, (U.S. Bur. Mines Minerals Yearbooks 1958- 

 70). Similarly, the United States led the world in 

 steel production until 1971, when it was surpassed 

 by the Soviet Union (Deily, 1972). Japan's steel 

 production has risen to a level equal to 80 percent 

 of that of the United States. The steel industry in 

 the Soviet Union is based wholly upon domestic 

 resources. In contrast, that of Japan is almost en- 

 tirely dependent upon imports of both iron ore and 

 fuel, yet Japan is a net exporter of steel products 

 to the United States. 



The United States has sufficient reserves and po- 

 tential resources of iron ore and has the productive 

 capacity to meet its needs for iron and steel for 

 many decades. However, for economic and other 

 reasons, the United States is a net importer of fin- 

 ished steel and iron ores. The domestic consumption, 

 production, amounts produced in the Lake Superior 

 region of the United States, and imports of iron ore 

 for consumption in the United States in the period 

 1951-71 are shown in figure 35. 



1963 



Figure 35. — U.S. iron-ore consumption, production, and im- 

 ports for consumption in the period 1951-71. Data from 

 U.S. Bureau of Mines Minerals Yearbooks (1951-70) and 

 Commodity Data Summaries (1972) and Wimpfen (1971). 



