ArcelorMittal, owner of the Minorca mine in Virginia, reported net income of $1.8 billion during 2016 compared with a net loss of $7.9 billion one year earlier. The figures represent worldwide operations of the world’s largest mining and steelmaking firm. Iron ore shipments were 55.9 million tons, a decline of 10.4 percent year over year. About 33.6 million tons shipped at market prices. Minnesota’s total was not specified but the company produced 2.7 million tons during 2015.

“We enter 2017 with good momentum in the business and the market. Our increased confidence is reflected in the Board`s decision to increase capital expenditure for 2017.” Lakshmi N. Mittal, Chairman and CEO, said in the quarterly report. “The improvement in performance is, however, from a low base so we will need to continue to prioritize improved returns. Central to this will be our Action 2020 program which will sustainably improve the underlying performance of the business.”