ArcelorMittal to assume management of Hibbing Taconite mine

Wednesday, 02 January 2019 23:48:18 (GMT+3)   |   San Diego
       

ArcelorMittal will take over managing duties of the Hibbing Taconite mine from Cleveland-Cliffs Inc. effective Aug. 12, 2019, according to media reports today. Cleveland-Cliffs announced in 2018 plans to resign from its position as managing partner in the open-pit mining operation when its contract expires. Hibbing Taconite’s iron ore mine and pellet processing facility produces 7.7 million tons of taconite annually.

Although management of the facility will change, ownership of the Iron Range operation will remain the same. Approximately 62 percent of Hibbing Taconite is owned by ArcelorMittal, while Cliffs and US Steel owning the remaining shares.

ArcelorMittal President John Brett said the decision to take over management of the company was an easy one.

"When Cliffs announced it would tender its resignation as managing partner, we knew that assuming oversight for the operation was the right thing for our business, the Hibbing workers and the Iron Range community," said ArcelorMittal President John Brett in a statement. "Assuming the role of managing partner demonstrates ArcelorMittal's continued commitment to Hibbing Taconite while ensuring the long-term supply of quality iron ore to our key operations in the United States."


Most Recent Related Articles

US trade deficit expands to $49.4 billion in April

US DOC launches investigation into vanadium imports

Algoma Steel signs new iron ore supply contract with US Steel

US ITC votes to maintain AD order of silicon metal from Russia

US iron and steel scrap exports down 1.8 percent in March