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Magnetation
Latest News
Magnetation Planning to Wind Down Operations
29 August 2016 - AK Steel Corp. will pay up to US$37.5 million to end its pellet supply agreement with its joint venture pellet producer, Magnetation LLC, which will begin to wind down its remaining operations unless it finds a buyer or new financing.
Magnetation Idles Iron Ore Concentrate Plant
07 January 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.
Iron Ore Producer Might Impose Production Curtailments in Early 2016
18 November 2015 - U.S. iron ore producer Magnetation LLC has warned employees that it might curtail production at its No. 2 plant in Bovey, Minn., beginning on 31 January 2016.
Magnetation LLC Reaches Agreement with Noteholders to Restructure Balance Sheet and Provide New Financing
08 May 2015 - - Secures $135 Million in Debtor-In-Possession Financing to Implement Financial Restructuring as Part of Chapter 11 Reorganization Filing - Operations and Customer Shipments to Continue Uninterrupted
Magnetation LLC Retains Financial Advisor and Legal Advisor
13 March 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 Indefinitely Idles Plant One Iron Ore Concentrate Facility
23 February 2015 - Magnetation LLC announced that, due to low global iron ore prices, it will indefinitely idle its Plant 1 iron ore concentrate facility located in Keewatin, Minn., by the end of March 2015, placing the plant on a care and maintenance program.
Magnetation Announces First Production at New Iron Ore Concentrate Plant
02 January 2015 - Magnetation LLC has successfully produced its first iron ore concentrate at its new plant, Plant Four, located near Grand Rapids, Minn.
Magnetation Begins Production at New Iron Ore Pellet Plant
30 September 2014 - Magnetation LLC has successfully produced its first iron ore pellets at its new pellet plant in Reynolds, Ind.
Magnetation Completes US$100 Million Financing for Accelerated Iron Ore Expansion Projects
18 July 2014 - Magnetation LLC has successfully completed a US$100 million senior secured notes tack-on offering. The proceeds from the offering will be used to complete its iron ore expansion projects ahead of schedule and finance the increased production capacity of its new iron ore concentrate plant.
Magnetation Celebrates Inaugural Shipment of Iron Ore Concentrate to Pellet Plant
20 June 2014 - Magnetation celebrated today the arrival of the first of six new unit trains being manufactured specifically to move iron ore concentrate to its pellet plant in Reynolds, Indiana.
AK Steel Joint Venture Completes $375 Million Financing For New Iron Ore Pellet Plant
20 May 2013 - AK Steel said today that Magnetation LLC ("Magnetation"), its joint venture with Magnetation, Inc., has successfully completed a $325 million senior secured note offering and has entered into a $50 million senior secured credit facility.
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