Magnetation posts $659,256 of net income for June; revenue still zero

By Caroline Salls

Pittsburgh, July 25 – Magnetation LLC reported $659,256 of net income for June 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 $5.25 million of net income in May, also on zero net revenue.

The operating loss for June was $45,692, declining from $334,124 of May operating income.

In addition, Magnetation had $1.27 million in cash as of June 30, down from $1.29 million at the end of May.

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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