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But the company was hit hard when the price of iron ore plummeted from more than $100 to less than $50 per ton through 2014 and 2015. The company began to close plants in 2015, and Magnetation filed for Chapter 11 bankruptcy reorganization in May 2015.

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Changing the iron ore processing chain The iron ore being mined globally can approximately be divided equally into boulders and fines. For further processing boulders have to be sized to 10-30 mm for blast furnaces and 6-18 mm for sponge iron plants.

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The Cleveland-based company said it will keep operating its Wabush Mines in western Labrador and Newfoundland, but will close the plant that processed the mines' iron ore into pellets for sale overseas.

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The company plans to increase processing capacity to 20-million metric tons a year from 16-million at a preparation plant that processes coal from the Moranbah and Grosvenor underground mines, Tyler Mitchelson, CEO of Anglo’s metallurgical coal unit, said in an interview Tuesday.

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