What is the strategic significance of high-purity iron for the Canadian economy?

Steel is essential in all sectors that will enable the decarbonization of economies. For example, it takes approximately 3.5 t of steel to build a wind turbine. However, global steel production is responsible for about 10% of greenhouse gas emissions, equivalent to all the CO2 generated by all cars in circulation worldwide.

To reduce these emissions, it is crucial to decarbonize steel production. The best way to achieve this is to convert blast furnaces into electric arc furnaces. These furnaces need to be powered by high-purity iron concentrate. However, only 15% of the world's iron reserves meet these criteria, and we are fortunate in Canada to have access to such reserves in the Labrador Trough.

By including high-purity iron in the list of critical and strategic minerals, the Canadian government has recognized its importance for the decarbonization of global economies. By ensuring a stable supply of high-purity iron, Canada can strengthen its production capabilities in these key sectors, attract investments, and create highly skilled jobs. How has Mont-Wright contributed to the development of the city of Fermont over its 50-year history?

The Mont-Wright mine has played a crucial role in the development of the city of Fermont over the past 50 years. Since the inaugural blast in October 1974, the mine has been a major source of employment and economic growth for the region. It has attracted workers and their families, bringing vitality of the community. Additionally, continuous investments in local infrastructure and community services have improved the quality of life for residents. Reaching the 50-year milestone for a mine is remarkable. It demonstrates the world-class deposit that Mont-Wright is. This is a place that has generated work and prosperity in Québec for 50 years and continues to do so. It is truly phenomenal when you think about it, and we can all be extremely proud. Mont-Wright has a rich heritage, and its future will be prosperous. Looking ahead, could you outline the plans for continued development of Mont-Wright?

ArcelorMittal Mines and Infrastructure Canada recognizes that the business environment is constantly evolving, and we must adapt to achieve our goals. The cyclical nature of iron ore prices requires us to continuously improve to operate effectively in a downturn market. As the Mont-Wright mine reaches deeper levels, we face significant operational challenges, including the efficient removal of overburden to access the ore and ensure the mine's longevity.

Our priority is to strengthen our competitiveness on the global market. Operating in a stable and predictable jurisdiction, albeit with high operational costs, we must compete with producers from Brazil, Africa and Australia. Continuous improvement across our entire value chain, from the mine to the port, is essential. This strategy has allowed Mont-Wright to thrive for decades and will secure its future.

We believe that optimizing our processes, particularly at the concentrator, to increase iron recovery rates and reduce tailings is crucial. Future growth will come from more efficient and innovative processing.

We are committed to developing our teams' skills, ensuring health and safety, and strengthening partnerships with local communities, notably the Innu Nation of Uashat mak Mani-utenam. Our operations on Nitassinan are conducted with the utmost respect for the people and nature that provide us with these resources. By continuing to strengthen our ties, we will create new opportunities for collaboration.

Furthermore, we are dedicated to ensuring the health and safety of our employees and the community. This includes implementing rigorous safety protocols and continuously improving our practices to prevent accidents and promote a safe working environment. We also prioritize environmental stewardship by minimizing our environmental footprint through innovative and responsible practices. For the remainder of 2025 and start of 2026, what are ArcelorMittal’s key strategic priorities in Québec and Canada?

For the remainder of 2025 and the start of 2026, ArcelorMittal's key strategic priorities in Québec and Canada include implementing a true interdependency safety culture, improving operational efficiency, and reducing greenhouse gas emissions. The company also plans to strengthen partnerships with key stakeholders such as the communities and continue investing in sustainable technologies to minimize its environmental impact.