Magnetation has May loss of $2.73 million, net revenue of $21 million

By Kali Hays

New York, June 23 – Magnetation LLC marked a $2.73 million loss from operations for the period of May 5 to May 31 on net revenue of $20.96 million, according to its monthly operating report filed Monday with the U.S. Bankruptcy Court for the District of Minnesota.

The company also reported a net loss of $6.85 million for the period and cash holdings of $39.56 million as of May 31.

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., and filed for bankruptcy on May 5 under the Chapter 11 case number is 15-50307.

© 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.