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Iron ore stockpiles. Photographer: Maika Elan/Bloomberg
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By Jack Farchy, Alfred Cang, Archie Hunter, Mark Burton, Katharine Gemmell, and Katherine Doherty
August 1, 2026 at 3:00 AM EDT
Updated on August 1, 2026 at 3:38 AM EDT
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In a corporate presentation in December 2024, Radiant World boasted of its “diverse network” of suppliers and counterparties.
The company was barely known outside the insular world of iron ore trading, but it was flying high. Its net worth had tripled in five years, according to the presentation, and it was handling enough iron ore to make it one of the world’s largest traders of the commodity that’s critical to the global economy because of its use as the raw material for making steel.
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