No one saw this coming.

Yeah, right.

From the Iron Ore  Company of Canada's news release:

IOC responding to the steel industry slowdown

(Canada) Sept-Îles, Labrador City, November 28, 2008 – Global iron ore demand has reduced as a result of the slowdown in the steel industry and the global financial crisis.

A range of measures are being introduced by Governments around the world to stimulate their economies, and we expect that iron ore demand will improve in the medium term.

With this in mind, IOC has announced to employees and its community that it is taking prudent action to respond to reduced demand for our products.

IOC is making the following decisions in the interests of our people, our communities and the Company:

• The shutdown of one of our six pellet machines for an essential maintenance rebuild and a second pellet machine rebuild will follow sequentially.
• All production, except for the Mine, some rail and shipping from the Terminal in Sept-Îles, is planned to be suspended for a four week shutdown period in July 2009, during which time most employees would take their vacation.
• A review of our expansion programs.
• No layoffs of permanent employees are being contemplated at this time.

Take note especially of the third bullet:  "A review of our expansion programs". 

Rio Tinto's entire global operation is currently reviewing operations and capital expenditure commitments.  IOCC is no exception.

-srbp-