Oglebay Norton exits taconite operations

Oglebay Norton (NASDAQ) will not extend its contract as manager and employer at the Eveleth Mines taconite operation in northeastern Minnesota.

After years of disagreement on how the project should be run, Oglebay has decided to hand over the reigns of Eveleth Mines to its other partners.

Oglebay Norton will remain part owner of the taconite mine and plant. Current ownership of the operation consists of Rouge Steel with 41.7%, AK Steel with 33.3%, Oglebay Norton with 14.4%, and Stelco with the remaining 10.6%.

Oglebay Norton has managed the operation since it was founded, in 1964.

Taconite, a low-grade iron ore, is found as a hard-rock formation in the Lake Superior region. It is used in the production of iron pellets.