Magnetation net loss narrows to $12,362 in April; revenue still zero

By Caroline Salls

Pittsburgh, May 23 – Magnetation LLC reported a $12,362 net loss for April on zero net revenue, according to its monthly operating report filed Monday with the U.S. Bankruptcy Court for the District of Minnesota.

In comparison, the company had a $236,755 net loss for March, also on zero net revenue.

The operating loss for April was $26,246, improving from a $93,186 March operating loss.

Cash was $995,351 as of April 30, compared with $1.09 million at the end of March.

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.

© 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.