North Atlantic Iron Corporation (NAIC) is a private Canadian company organized to develop North America's first dedicated merchant pig iron (MPI) production facility in Canada. NAIC’s mission is to be a value added manufacturing company that will compliment, not compete with, Canada’s iron ore miners.
NAIC is a joint venture between Grand River Ironsands Incorporated, a private Canadian company, and Petmin Limited, a South African, JSE listed, anthracite coal mining company.
NAIC will produce MPI by reducing iron oxide pellets in a gas-based direct reduction module and smelting the resulting direct reduced iron (DRI) in an electric arc furnace (EAF).
NAIC will be one of the lowest cost producers of MPI in the world on a delivered basis to the iron foundry and EAF steel industries of the United States and Europe. NAIC will be able to achieve this due to a production process that utilizes access to low cost raw materials, iron ore, natural gas, and electricity in Canada. The case is further strengthened with immediate proximity to markets in the United States and Europe - delivering a significant cost and time savings.