The iron industry involves the production and processing of iron, a key metal used in various applications, including construction and manufacturing. Iron is primarily extracted from iron ore through smelting, where it is heated with carbon in a blast furnace. This process produces pig iron, which can be further refined to create different types of steel. The iron industry has a significant impact on the global economy, providing materials for infrastructure, transportation, and machinery. Major players in this industry include companies like ArcelorMittal and Rio Tinto, which operate large-scale mining and production facilities around the world.