Magnetation records $46,770 of net income for February on zero revenue

By Caroline Salls

Pittsburgh, March 22 – Magnetation LLC reported $46,770 of net income for February on zero revenue, according to its monthly operating report filed Thursday with the U.S. Bankruptcy Court for the District of Minnesota.

In comparison, the company posted a $64,993 net loss for January, also on zero revenue.

In addition, Magnetation listed $2.59 million in cash as of Feb. 28, up from $2.54 million at the end of January.

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.