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Magnetation posts $113,062 of December net income; revenue still zero
By Caroline Salls
Pittsburgh, Jan. 22 – Magnetation LLC reported $113,062 of net income for December on zero 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 $476,683 of net income in November, also on zero revenue.
In addition, Magnetation listed $2.58 million in cash as of Dec. 31, up slightly from $2.53 million at the end of November.
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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