NAICS 212210 Quarterly Industry Report
Iron Ore Mining
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 212210Sector: Mining, Quarrying, and Oil and Gas Extraction (21)Updated: Q1 2026
About This Report
This industry profile for Iron Ore Mining (NAICS 212210) draws on data from U.S. Geological Survey mineral commodity reports[5], Census Bureau NAICS data[4], Bureau of Labor Statistics[6], and SBA size standards[7]. Published by Fair Market Value and updated quarterly, it provides valuation professionals, business owners, and financial advisors with actionable data across 1,012 industries at the 6-digit NAICS level. The editorial analysis reflects the independent assessment of FairMarketValue.com's research team, with all quantitative claims sourced to publicly verifiable databases.
Industry Snapshot
Key metrics for the iron ore mining industry.
Industry Definition & Overview
Iron Ore Mining (NAICS 212210) encompasses establishments primarily engaged in developing mine sites, mining, and beneficiating iron ores and manganiferous ores valued chiefly for their iron content U.S. Census Bureau, NAICS 212210[4]. This classification includes the production of sinter ore and other agglomerates, as well as the preparation and concentration of raw ore through crushing, grinding, magnetic separation, flotation, and pelletization and sintering processes at or near the mine site.
Domestic production is concentrated in seven open pit mines with associated concentration and pelletizing plants in Michigan and Minnesota, which together ship 98% of domestic usable ore products for consumption in the U.S. steel industry. In 2023, domestic production reached approximately 44 million tons[5], representing a 13% increase from 2022 production levels. The sector is dominated by major integrated mining companies that operate large-scale operations combining mining, beneficiation, and pelletization activities to supply feedstock for steel mills. Cleveland-Cliffs Inc. controls the majority of domestic capacity after acquiring ArcelorMittal USA's operations, while U.S. Steel maintains significant pellet production in the Mesabi Range region of Minnesota. Global iron ore prices influence domestic production economics, with the U.S. accounting for about 2% of worldwide output while consuming roughly 5% through steel mill demand.
What's Included in This Industry
- Iron ore mine site development for own account
- Mining and extraction of hematite, magnetite, and limonite ores
- Mining of manganiferous ores valued chiefly for iron content
- Beneficiating operations including crushing, grinding, and screening of iron ore
- Magnetic separation and flotation processes for ore concentration
- Production of sintered iron ore at mine facilities
- Iron ore pelletization and agglomeration operations
- Taconite ore mining and beneficiation
- Production of iron ore agglomerates and briquettes
- Processing and preparation of brown ore and other iron ore types
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Sector | Mining, Quarrying, and Oil and Gas Extraction | 21 |
| Subsector | Mining (except Oil and Gas) | 212 |
| Industry Group | Metal Ore Mining | 2122 |
| NAICS Industry | Iron Ore Mining | 21221 |
| National Industry | Iron Ore Mining | 212210 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 212220 | Gold Ore and Silver Ore Mining | Gold Ore and Silver Ore Mining comprises establishments mining precious metal ores; shares similar mine development, beneficiation, and mineral preparation processes with iron ore mining operations. |
| 212230 | Copper, Nickel, Lead, and Zinc Mining | Copper, Nickel, Lead, and Zinc Mining involves mining and beneficiation of base metal ores; uses comparable crushing, grinding, flotation, and ore concentration techniques to iron ore processing. |
| 212290 | Other Metal Ore Mining | Other Metal Ore Mining covers extraction and beneficiation of additional metal ores including rare earth elements; applies similar mine site development and mineral preparation methodologies to iron ore mining. |
| 212114 | Surface Coal Mining | Support Activities for Coal Mining provides drilling, exploration, and shaft sinking services; operates parallel support infrastructure for mining operations in the extraction sector. |
| 212115 | Underground Coal Mining | Support Activities for Metal Mining includes exploration, drilling, blasting, and mining support services on a contract basis; directly supports iron ore mining operations with specialized mining services. |
| 212311 | Dimension Stone Mining and Quarrying | Dimension Stone Mining and Quarrying involves extraction and processing of stone materials; shares common ground preparation, mining methods, and beneficiation processes with ore mining. |
Geographic Concentration
Top states by share of national establishments.
| # | State | % Est. | Total Est. |
|---|---|---|---|
| 1 | Minnesota | 60.0% | 9 |
| 2 | Texas | 20.0% | 3 |
| 3 | Michigan | 20.0% | 3 |
% Of Establishments
0%
60%
Source: County Business Patterns, U.S. Census Bureau[3]
Frequently Asked Questions
Common questions about this industry.
What is the difference between iron ore mining and iron and steel manufacturing?
Iron ore mining (NAICS 212210) involves extraction, beneficiation, and preparation of iron ores at the mine site, including crushing, grinding, magnetic separation, and pelletization. By contrast, steel manufacturing (NAICS 331110) converts pig iron into steel and ferroalloys through smelting and refining processes. Iron ore miners supply the raw material feedstock to steel mills, which transform it into finished products.
Where is most U.S. iron ore mined?
The vast majority of domestic iron ore production occurs in Minnesota and Michigan, which together operate seven open pit mines with associated concentration and pelletizing plants. These two states account for 98% of domestic usable iron ore products shipped for consumption in the U.S. steel industry. The Mesabi Range in Minnesota historically contributed about 60% of total U.S. iron ore output throughout much of the 20th century and remains a dominant production region. Source: USGS Iron Ore Statistics[5]
What is taconite and how is it processed?
Taconite is a low-grade iron ore that requires extensive beneficiation before use in steelmaking. The taconite processing operation begins with liberation (crushing and grinding to free iron-bearing minerals), followed by beneficiation using magnetic separation and flotation to concentrate the ore, and finally pelletization where the concentrate is formed into pellets with additives like bentonite clay and limestone before firing in furnaces. Source: EPA Taconite Processing[11]
What percentage of mined iron ore is used for steel production?
about 98% of mined iron ore is used to make steel, making steel mills the dominant market for iron ore mining operations. This tight integration between iron ore mining and steel manufacturing drives production volumes, pricing, and operational decisions in the mining industry.
What is an SBA size standard for iron ore mining?
Under SBA regulations, a firm engaged in iron ore mining (NAICS 212210) is classified as a small business if it has no more than 1,400 employees. This employee-based size standard is used for federal contracting and small business procurement purposes. Source: SBA Size Standards[12]
What support services are essential to iron ore mining operations?
Iron ore mining depends on multiple support industries including exploration and drilling services (NAICS 213114), mine site preparation and construction (NAICS 238910), specialized trucking for ore transport (NAICS 484110, 484121), and water transportation on the Great Lakes (NAICS 483113). These support activities provide contract services for drilling, blasting, shaft sinking, mine exploration, site preparation, and transportation of ore products from mine to mill.
How much iron ore does the United States produce annually?
In 2023, domestic iron ore production was estimated at 44 million tons, representing a 13% increase from 2022 production of 39 million tons. The U.S. produces about 38 million metric tons of iron ore annually in recent years. Source: USGS Mineral Commodity Summaries 2024[13]
What types of iron ore are mined in the United States?
The primary iron ore types mined in the U.S. are magnetite (Fe₃O₄) and hematite (Fe₂O₃) ores, often found in taconite formations in Minnesota and Michigan. Other iron ore minerals include limonite, goethite, and siderite. The vast majority of U.S. iron ore mining focuses on taconite beneficiation, which requires extensive crushing, grinding, magnetic separation, and pelletization to achieve concentrations suitable for steelmaking.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Census Bureau, Economic Census census.gov
- [3]U.S. Census Bureau, County Business Patterns census.gov
- [4]U.S. Census Bureau, NAICS 212210 census.gov
- [5]44 million tons usgs.gov
- [6]Bureau of Labor Statistics bls.gov
- [7]SBA size standards sba.gov
- [8]size standards tool sba.gov
- [9]SBA 7(a) loans sba.gov
- [10]504 loans sba.gov
- [11]Source: EPA Taconite Processing epa.gov
- [12]Source: SBA Size Standards sba.gov
- [13]Source: USGS Mineral Commodity Summaries 2024 pubs.usgs.gov
Disclaimer
This publication has been prepared by Fair Market Value (“Fair Market Value”) for informational purposes only. It is provided on an “as-is” and “as available” basis. Fair Market Value makes no representations or warranties, express or implied, regarding the merchantability, fitness for a particular purpose, completeness, or accuracy of the data or information contained herein. This publication is not intended to be, and should not be construed as, professional financial, legal, tax, or investment advice. Users should consult with qualified professionals before making any financial or business decisions based on the information presented.
To the extent permitted by law, Fair Market Value disclaims all liability for loss or damage, direct and indirect, suffered or incurred by any person resulting from the use of, or reliance upon, the data in this publication.
Copyright © 2026 Fair Market Value. All rights reserved. All data, information, articles, graphs, and content contained in this publication are copyrighted works and Fair Market Value hereby reserves all rights. No part of this publication may be copied, reproduced, republished, uploaded to a third party, or distributed without the prior written permission of Fair Market Value.