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ArcelorMittal to Manage Hibbing Taconite

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ArcelorMittal USA has agreed to become the managing partner of Hibbing Taconite Company, effective in August. Ownership of the 8 million ton capacity iron ore property remains unchanged, including ArcelorMittal’s majority stake. 

There are no anticipated changes to production volumes or operating plans. 

“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 John Brett, president and CEO, ArcelorMittal USA, who will have functional oversight for the Hibbing operation. “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. The Hibbing Taconite Company 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 Company.