Iron Ore Company of Canada
Encyclopedia
Iron Ore Company of Canada (often abbreviated to 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. It is now owned by a new consortium, 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.
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
-based producer of iron ore. The company was founded in 1949 from a partnership of Canadian and American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
M.A. Hanna Company. It is now owned by a new consortium, including the Mitsubishi
Mitsubishi
The Mitsubishi Group , Mitsubishi Group of Companies, or Mitsubishi Companies is a Japanese multinational conglomerate company that consists of a range of autonomous businesses which share the Mitsubishi brand, trademark and legacy...
and Rio Tinto
Rio Tinto Group
The Rio Tinto Group is a diversified, British-Australian, multinational mining and resources group with headquarters in London and Melbourne. The company was founded in 1873, when a multinational consortium of investors purchased a mine complex on the Rio Tinto river, in Huelva, Spain from the...
corporations.
Based in Montreal
Montreal
Montreal is a city in Canada. It is the largest city in the province of Quebec, the second-largest city in Canada and the seventh largest in North America...
, Quebec
Quebec
Quebec or is a province in east-central Canada. It is the only Canadian province with a predominantly French-speaking population and the only one whose sole official language is French at the provincial level....
, IOC currently has mining and concentrator operations in Labrador City, Newfoundland and Labrador
Newfoundland and Labrador
Newfoundland and Labrador is the easternmost province of Canada. Situated in the country's Atlantic region, it incorporates the island of Newfoundland and mainland Labrador with a combined area of . As of April 2011, the province's estimated population is 508,400...
, and operates the Quebec North Shore and Labrador Railway
Quebec North Shore and Labrador Railway
The Quebec North Shore and Labrador Railway is a Canadian regional railway that stretches through the wilderness of northeastern Quebec and western Labrador. It connects Labrador City, Labrador, with the port of Sept-Îles, Quebec, on the north shore of the St. Lawrence River...
to ship ore concentrate from the mines to the port of Sept-Îles
Sept-Îles, Quebec
For the islands in north of Brittany, see JentilezSept-Îles is a city in the Côte-Nord region of eastern Quebec, Canada. It is the northernmost town in Quebec with any significant population...
, Quebec
Quebec
Quebec or is a province in east-central Canada. It is the only Canadian province with a predominantly French-speaking population and the only one whose sole official language is French at the provincial level....
.
During 1977 to 1983, the president of the company was Brian Mulroney
Brian Mulroney
Martin Brian Mulroney, was the 18th Prime Minister of Canada from September 17, 1984, to June 25, 1993 and was leader of the Progressive Conservative Party of Canada from 1983 to 1993. His tenure as Prime Minister was marked by the introduction of major economic reforms, such as the Canada-U.S...
, who later served as Canadian Prime Minister
Prime Minister of Canada
The Prime Minister of Canada is the primary minister of the Crown, chairman of the Cabinet, and thus head of government for Canada, charged with advising the Canadian monarch or viceroy on the exercise of the executive powers vested in them by the constitution...
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.