Magnetation hires financial, legal counsel to evaluate liquidity state

By Kali Hays

New York, March 5 – Magnetation LLC has hired Blackstone Group as its financial adviser and Davis, Polk & Wardwell LLP as its legal counsel, according to a Thursday news release.

Blackstone and Davis Polk will both assist Magnetation as it is “evaluating alternatives to improve liquidity.”

The company said its liquidity has been challenged by “the decline of global iron ore prices by more than 50% over the past 18 months,” according to the release.

Magnetation, a joint venture between Magnetation, Inc. and AK Steel Corp., recovers high-quality iron ore concentrate from previously abandoned iron ore waste stockpiles and tailings basins. It is based in Grand Rapids, Minn.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.