Magnetation posts $1.97 million of July net income; revenue still zero

By Caroline Salls

Pittsburgh, Aug. 22 – Magnetation LLC reported $1.97 million of net income for July 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 $659,256 of net income for June, also on zero net revenue.

Operating income for July was $1.91 million, improving from a $45,692 June operating loss.

In addition, Magnetation had $1.26 million in cash as of July 31, down slightly from $1.27 million at the end of June.

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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