The Iron Ore Company of Canada (IOC) and its largest shareholder Rio Tinto no longer plan to restart the Sept-Iles pelletising plant, in Quebec, after sharp declines in global iron-ore demand.

“The Sept-Iles pelletizing plant restart project is no longer viable and we have decided not to proceed with it and concentrate on initiatives that can add more value,” said IOC president and CEO Terence Bowles.

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