ArcelorMittal USA will take over as managing partner for Hibbing Taconite Co., an iron ore mining operation in Hibbing, Minn., effective Aug. 12.
Ownership of the 8-million-ton capacity iron ore property remains unchanged, including ArcelorMittal’s majority ownership stake, ArcelorMittal said in a statement. There are no anticipated changes to production volumes or operating plans.
US Steel also owns a stake in Hibbing Taconite Co.
Hibbing Taconite began production in 1976 and began material shipments in 1977, ArcelorMittal said. The facility employs about 735 hourly and salaried employees and produced 7.7 million tons of magnetite ore in 2017.
“When Cliffs (Natural Resources of Cleveland, Ohio) 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 John Brett, president and CEO, ArcelorMittal USA, who will have functional oversight for the Hibbing operation. “ArcelorMittal is responsible for a significant portfolio of raw material and mining assets throughout the world, producing more than 62 million tons of iron ore last year. This includes our Minorca Mine operation located just 30 minutes northeast of the Hibbing property. 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.”
Over the next eight months, the partners will work to ensure there is an orderly transition of management with the goal of maintaining stability for the Hibbing’s workforce, ArcelorMittal said. The Hibbing Taconite Co. owners, and ArcelorMittal as manager, will continue to honor the terms of the recently ratified labor agreement contract between the United Steelworkers and Hibbing Taconite Co.
