In due time the Gigant-Glyboka Mine was one of the most powerful iron and steel industry enterprise in Ukraine. Gigant-Glyboka Mine was commissioned in 1962. It replaced the old Gigant and Tsentralna Mines. The Mine developed rich deposits of iron ore, which had been in operation since 1881. The Mine originated from the first iron ore mines in Kryvbas – Saksaghanskyi and Karnavatskuy. Deposit capacity was 100-170 m. In the best of time the Mine's capacity was 7.4 million tons of iron ore per year. At due time it was considered to be the most powerful mine in the world. The total amount of extracted iron ore for all years of operation amounted to 379 million tons. The Mine employed 1.5 million people. The staff broke the production records, was honored with high awards.
After working out of rich iron ore deposits, the deposits of magnetite quartzite (since 1978) had been extracted at the Mine. Due to economic inefficiency of their development in 1997 the mine was closed. On the basis of the Gigant-Glyboka Mine the "Gigant-Drenazhna"Mine was established as a structural unit of "Kryvbasrestrukturyzatsiya." From 2004 until today the mine has been owned by OJSC "CMCC" Metinvest Group, it operates in the hydro protection mode, but it prepares for development of poor ferruginous quartzites. As a part of "CMCC" the "Gigant-Drenazhna"Mine was again renamed as "Gigant-Glyboka."