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Magnetation LLC Retains Financial Advisor and Legal Advisor
03/13/2015 - Magnetation LLC announced that it has retained The Blackstone Group as financial advisor and Davis Polk & Wardwell LLP as legal advisor to assist the company in evaluating alternatives to improve liquidity.
Magnetation's liquidity has been challenged by, among other things, the decline of global iron ore prices by more than 50% over the past 18 months.
Magnetation LLC is a joint venture between Magnetation, Inc. (50.1% owner) and AK Steel Corporation (49.9% owner). Magnetation LLC recovers high-quality iron ore concentrate from previously abandoned iron ore waste stockpiles and tailings basins. Magnetation LLC owns iron ore concentrate plants located in Keewatin, Bovey,, and Grand Rapids, Minn., and an iron ore pellet plant in Reynolds, Ind.
Magnetation LLC is a joint venture between Magnetation, Inc. (50.1% owner) and AK Steel Corporation (49.9% owner). Magnetation LLC recovers high-quality iron ore concentrate from previously abandoned iron ore waste stockpiles and tailings basins. Magnetation LLC owns iron ore concentrate plants located in Keewatin, Bovey,, and Grand Rapids, Minn., and an iron ore pellet plant in Reynolds, Ind.
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