MARQUETTE — Changes are on the horizon for a facility in Virginia, Minnesota currently under the management of Cleveland-Cliffs Inc.

Global iron ore producer ArcelorMittal announced Wednesday it will assume the role of managing partner for Hibbing Taconite Co. effective Aug. 12.

There will be no changes in employment, production volumes or operation plans as a result of the changeover at the open-pit mining operation, which employs 735 people, the announcement stated.

The move comes in response to an announcement earlier this year that Cliffs intends to resign from its position as managing partner in the open-pit mining operation.

ArcelorMittal USA President and CEO John Brett, who will have functional oversight at Hibbing Taconite, said “assuming oversight for the operation was the right thing to do for our business, the Hibbing workers and the Iron Range Community.”

Brett said 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 in 2017.

“This includes our Minorca Mine operation located just 30 minutes northeast of the Hibbing property,” Brett said. “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 owns 62 percent of Hibbing Taconite while Cliffs has 23 percent and U.S. Steel has 15 percent.

According to the announcement, the partners will work to ensure and orderly transition of management over the next eight months with the goal of maintaining stability for Hibbing’s workforce.

It also said the Hibbing Taconite Company owners, and ArcelorMittal as manager, will continue to honor the terms of the recently ratified labor union contract between the United Steelworkers and the Hibbing Taconite Company.

The contract, which was ratified in October, was negotiated between USW and Cliffs, which also included the United Taconite Mine plants in Eveleth and Forbes, Minnesota and the Tilden and Empire mining operations in the Upper Peninsula.

The Hibbing Taconite Co. began production in 1976 and began material shipments in 1977. The company produced 7.7 million tons of magnetite taconite iron ore in 2017.