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Magnetation Idles Iron Ore Concentrate Plant
01/07/2016 - Minnesota-based Magnetation LLC is idling the second of its three iron ore concentrate plants and expects to lay off approximately 160 people, according to reports.
In November, the company warned that it might curtail production indefinitely at its Bovey, Minn., USA, plant on account of market conditions. In a statement issued Wednesday, it said it would begin idling the plant on 18 January.
Magnetation CEO Larry Lehtinen said there is no way to predict how long the curtailment may last.
According to the Duluth News Tribune newspaper, one other Magnetation LLC ore recovery plant in Minnesota shut down in 2015. A third plant in Grand Rapids, Minn. -- its newest -- continues to operate.
Magnetation also owns an iron pellet plant in Reynolds, Ind., that is capable of producing 3 million metric tons per year.Magnetation LLC is a joint venture between its parent, Magnetation Inc., and AK Steel Corp.
Magnetation Inc. has a joint venture concentrate plant near Chisholm, Minn., which has been idled, too, according the News Tribune.
Magnetation CEO Larry Lehtinen said there is no way to predict how long the curtailment may last.
According to the Duluth News Tribune newspaper, one other Magnetation LLC ore recovery plant in Minnesota shut down in 2015. A third plant in Grand Rapids, Minn. -- its newest -- continues to operate.
Magnetation also owns an iron pellet plant in Reynolds, Ind., that is capable of producing 3 million metric tons per year.Magnetation LLC is a joint venture between its parent, Magnetation Inc., and AK Steel Corp.
Magnetation Inc. has a joint venture concentrate plant near Chisholm, Minn., which has been idled, too, according the News Tribune.
