World production averages one billion metric tons of raw ore annually. The world's largest producer of iron ore is the Brazilian mining corporation Vale, followed by Anglo-Australian companies BHP Billiton and Rio Tinto Group. A further Australian supplier, Fortescue Metals Group Ltd may eventually bring Australia's production to second in the world.
Iron-rich rocks are common worldwide. The major constraint to economics for iron ore deposits is not necessarily the grade or size of the deposits, because it is not particularly hard to geologically prove enough tonnage of the rocks exist. The main constraint is the position of the iron ore relative to market, the cost of rail infrastructure to get it to market and the energy cost required to do so.
The main consumers being China, Japan, Korea, the United States and the European Union.
China is currently the largest consumer of iron ore, which translates to be the world's largest steel producing country. China is followed by Japan and Korea, which consume a significant amount of raw iron ore and metallurgical coal.
Iron is the world's most commonly used metal. It is used primarily in structural engineering applications and in maritime purposes, automobiles, and general industrial applications (machinery).
read more at http://en.wikipedia.org/wiki/Iron_ore
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