Product Market Fit
Maritime Iron will employ leading-edge environmentally friendly iron-making technology, already in use in multiple plants worldwide, producing iron and steel.
This process upgrades iron ore, which we are ideally located to take advantage of iron ore being mined in the Labrador trough. The product will be continuously cast and shipped for sale to our primary target markets in North America and Europe.
Maritime Iron will fit within the global industry by contributing to electric arc furnace (EAF) steel production. Through its recycling of steel, the EAF vertical produces 41% less greenhouse gas compared to the traditional Blast Furnace/Basic Oxygen Furnace route. Maritime Iron will also sell a higher purity form of pig iron, nodular pig iron, which will be sold to foundries and metalcasters to produce ductile iron products.
The scarcity of procuring quality scrap supplies has led to the growing market for alternative iron units, including pig iron worldwide. North America imports virtually all its pig iron requirements as there are no dedicated merchant pig iron producing facilities. These imports primarily come from plants in Russia, Ukraine, and Brazil, and at times India and South Africa.
As an early market entrant, Maritime Iron can capitalize on market opportunities available to gain a significant market share of MPI in the North American steel industry.