IOC: China crucial to next 50 years

With China now producing about half of the world's steel and raising its requirement for higher quality iron ore, Iron Ore Company of Canada (IOC) has set its sights eastwards to ensure future growth.

After more than 50 years in operation, the company has strengthened business ties in China. IOC President and CEO Terence Bowles said he believes the timing could not be better.

Operating in the resource-rich Canadian province of Newfoundland and Labrador, which also has plentiful hydroelectric power and offshore oil, IOC has 50 years worth of iron reserves, its own railroad and a year-round deepwater port in the province of Quebec.