Magnetation posts $5.25 million of May net income; revenue still zero

By Caroline Salls

Pittsburgh, June 22 – Magnetation LLC reported $5.25 million of net income for May on zero net revenue, according to its monthly operating report filed with the U.S. Bankruptcy Court for the District of Minnesota.

In comparison, the company had a $12,362 net loss for April, also on zero net revenue.

Operating income for May was $334,124, improving from a $26,246 April operating loss.

Cash was $1.29 million as of May 31, up from $995,351 at the end of April.

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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