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Champion Iron is upgrading half of its Bloom Lake iron ore production to 69% Fe, investing $500 million, with production expected to begin in Q2 2026. This move responds to the competitive threat posed by high-grade projects like Simandou in Guinea, which offers 65% Fe ore.

Champion's new product will target electric arc furnace users and the direct-reduction iron market, shifting exports from China to Europe, the Middle East, and North Africa. The upgrade will significantly reduce shipping costs. Additionally, Champion has partnered with Nippon Steel and Sojitz Corp. to develop the Kamistiatusset project in Newfoundland, with a feasibility study due by the end of 2026.