In an announcement, ArcelorMittal said it will become the managing partner of Hibbing Taconite Co., which it owns along with Cleveland-Cliffs Inc. and United States Steel Corporation. ArcelorMittal is the majority owner, but the mine is managed by Cleveland-Cliffs, which is relinquishing that role focus its attention elsewhere.

“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 USA president and chief executive John Brett.

“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.”

ArcelorMittal said ownership of Hibbing Taconite will remain unchanged, and no changes to production or operations are planned.