Editor's note: This story has been updated to note that ArcelorMittal owns 25 per cent of Baffinland, not 70 per cent. SA国际影视传媒 apologizes for the error.

One of BaffinlandSA国际影视传媒檚 major investors could be ready to announce some financial hardship. 

that ArcelorMittal (AMSA) is expected to announce SA国际影视传媒渟ignificant lossesSA国际影视传媒� in its 2024 financial report in efforts to overcome challenges in the steel industry. The company purchased a 70 per cent stake in Baffinland for $590 million in 2010, making it the largest investor for the Nunavut-based iron ore mine, but is now a minority shareholder at 25 per cent.

AMSA informed its shareholders that it expects to see an increase in losses translating into a potential 46 to 52 per cent drop per share on the heels of announcing the closure of operations in South Africa earlier in the year. The company stated thatSA国际影视传媒檚 expected to have devastating results on the South African steel industry. 

Meanwhile in Nunavut, Baffinland Iron Mines had already announced a 10 per cent layoff of its workforce in October 2024 after suspending an application to the Nunavut Impact Review Board (NIRB), which resulted in a reduced overall annual tonnage of 4.2 million tonnes or iron ore, down from an expected six million tonnes in 2025. Iron ore prices began to fall in early 2024, forcing Baffinland to reduce its operating costs. 

When asked about how AMSASA国际影视传媒檚 expected announcement might further impact BaffinlandSA国际影视传媒檚 operations, Peter Akman, head of stakeholder relations and communications, told SA国际影视传媒 that the company does not comment or speculation or rumours. 

SA国际影视传媒淥ur focus remains on safe and responsible operations and production of Nunavut high-grade iron ore while engaging with stakeholders on matters directly impacting our business and the communities we work with,SA国际影视传媒� Akman wrote. SA国际影视传媒淥ur operating plans for 2025 and beyond remain unchanged as we focus on the development of the Steensby component of our operations.SA国际影视传媒� 

The company had previously indicated that it would be concentrating resources on the multi-billion dollar railway line from the mine down to Steensby Inlet, a waterway on Baffin Island that would increase shipping to up to 18 million tonnes of iron ore per year. 

Financing for the rail line is expected to come in during 2025, with construction beginning soon afterwards.