Magnetation Receives Court Approval to Assume AK Steel Offtake Agreement, Minnesota
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Magnetation LLC subsidiary Mag Pellet LLC has been authorized by the United States Bankruptcy Court for the District of Minnesota to assume its long-term iron ore pellet offtake agreement with AK Steel Corporation.
The company sought Bankruptcy Court approval to assume the contract in October 2015, and the Bankruptcy Court granted the motion following a hearing on the matter in December, 2015.
“This court decision is critical to Magnetation’s success. With this behind us, we can continue forward with our goal of being the lowest cost iron ore pellet producer in North America,” said Larry Lehtinen, CEO of Magnetation.
About Magnetation LLC
Magnetation LLC recovers high-quality iron ore concentrate from previously abandoned iron ore waste stockpiles and tailings basins. Magnetation LLC owns three iron ore concentrate plants located in Keewatin, MN, Bovey, MN and Grand Rapids, MN, and an iron ore pellet plant in Reynolds, IN.
To stop by Magnetation’s website, CLICK HERE
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