Magnetation reports net loss of $236,755 for March, $1.09 million cash

By Angela McDaniels

Tacoma, Wash., April 24 – Magnetation LLC reported a $236,755 net loss for March on zero net revenue, according to its monthly operating report filed Friday with the U.S. Bankruptcy Court for the District of Minnesota.

In comparison, the company had a $3.47 million net loss for February, also on zero net revenue.

The operating loss was $93,186 in March. In February, it had been $183,080.

Cash was $1.09 million as of March 31, compared with $1.48 million as of Feb. 28.

Magnetation, a joint venture between Magnetation, Inc. and AK Steel Corp., recovers 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, 2015 under Chapter 11 case number 15-50307.

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