Cliffs Natural Resources CEO Lourenco Goncalves said the company expects to resume production at United Taconite in Minnesota sometime this year.
Goncalves also told Iron Range business and community leaders in speech today that the company plans to invest $65 million in the plant so it can produce a higher-grade of pellets.
According to local media, the company is negotiating a new pellet contract with ArcelorMittal. No specific timeline for the contract or the reopening was given. The United Taconite plants in Eveleth and Forbes have been idle since August.
Additionally, Cliffs announced last week it will reopen Northshore Mining in Babbitt and Silver Bay in May.