Magnetation posts $215,396 of October net income; revenue still zero

By Caroline Salls

Pittsburgh, Nov. 22 – Magnetation LLC reported $215,396 of net income for October on zero revenue, according to its monthly operating report filed with the U.S. Bankruptcy Court for the District of Minnesota.

In comparison, the company had $26,881 of net income in September, also on zero revenue.

In addition, Magnetation had $2 million in cash as of Oct. 31, up from $1.66 million at the end of September.

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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