On the Asymptotic Performance of Iterative Decoders for Product Codes
  We consider hard-decision iterative decoders for product codes over the erasure channel, which employ repeated rounds of decoding rows and columns alternatingly. We derive the exact asymptotic probability of decoding failure as a function of the error-correction capabilities of the row and column codes, the number of decoding rounds, and the channel erasure probability. We examine both the case of codes capable of correcting a constant amount of errors, and the case of codes capable of correcting a constant fraction of their length. 
Moshe Schwartz, Paul H. Siegel, Alexander Vardy