| Type | Subsidiary company |
|---|---|
| Industry | Mining |
| Founded | (1949) Wilmington, Delaware, USA |
| Headquarters | Montreal, Quebec, Canada |
| Key people | Zoe Yujnovich , President & CEO |
| Products | Iron ore |
| Revenue | $1.8 Billion CAN (2008) |
| Employees | 1,900 (2005) |
| Website | www.ironore.ca/ |
Iron Ore Company of Canada (often abbreviated to IOC) (French: Compagnie Minière IOC) is a Canadian-based producer of iron ore. The company was founded in 1949 from a partnership of Canadian and American M.A. Hanna Company.[1] It is now owned by a new consortium[2], including the Mitsubishi and Rio Tinto corporations.
Based in Montreal, Quebec, IOC currently has mining and concentrator operations in Labrador City, Newfoundland and Labrador, and operates the Quebec North Shore and Labrador Railway to ship ore concentrate from the mines to the port of Sept-Îles, Quebec.
During 1977 to 1983, the president of the company was Brian Mulroney, who later served as Canadian Prime Minister from 1984 to 1993.
The industry and market of Iron Ore is an investment in the long run no doubt. Because Iron Ore is a key commodity in steel making, anything that has to do with steel, such as the cars we drive and other ways of transportation, would not be possible without it.
As for management, Terence Bowles, who was the President and Chief Executive Officer of the Iron Ore Company of Canada for over 8 years as well as being related to the Rio Tinto companies for 36 years, made aware of his plans to retire at the end of December in 2009. He was known for his outstanding contributions to the company and leading skills that brought on the transformations within the company itself and its diverse mining and processing operations. After taking his retirement on January 31 of 2010, Zoe Yujnovich became the new President and CEO of IOC very soon after. Yujnovich, who has a Bachelor in Engineering as well as a Masters of Business Administration, was part of the Rio Tinto group since 1996 and even became the President of Rio Tinto Brazil. Her amount of experience, knowledge and success within the Rio Tinto company made her that much more suitable for the job and its responsibilities.
When it comes to competition within mining companies, it can be very tough. This year's 'Employer of Distinction Awards' in St-John's had IOC coming out on top by winning the medium to large business category as well as being given a 'Path of Excellence Award to Ever Green Recycling'. Because of the tight labor market, any advantage over other companies can make all the difference, so this award gave IOC an edge over their competitors.
As for innovation, innovative technologies to make improvements to this big company will have to do with the way they operate their business as well as how they will construct their new mines.
IOC had begun expansions in Labrador as a way to make more money and to make this type of investment more secure. By doing so, IOC had more funds to give more jobs and employment opportunities to those who were already employees. Also, by doing this expansion, they were taking a very big step towards making their long term vision into a reality and really preserving the jobs of their workers and being able to offer more. This expansion was put on hold in 2008 during the world's financial crisis. However, it was brought back into motion and Sam Walsh, head of Rio Tinto's Iron Ore division.