Magnetation sees June loss of $2.67 million, revenue of $25.8 million

By Kali Hays

New York, July 22 – Magnetation LLC reported a $2.67 million loss from operations for June on net revenue of $25.81 million, according to its monthly operating report filed Tuesday with the U.S. Bankruptcy Court for the District of Minnesota.

For May 5 through May 31, the company posted a net loss of $2.73 million on net revenue of $20.96 million.

Magnetation’s net loss for June was $8.84 million, widening from a net loss of $6.85 million during its May period.

The company also held cash of $38.38 million as of June 30, down slightly from $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 15-50307.

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