Magnetation gets court approval to assume AK Steel offtake agreement
Magnetation LLC announced Wednesday that its subsidiary Mag Pellet LLC has been authorized by the United States Bankruptcy Court for the District of Minnesota to assume its long-term iron ore pellet offtake agreement with AK Steel Corporation.
The company sought Bankruptcy Court approval to assume the contract in October 2015. The Bankruptcy Court granted the company’s motion following a hearing on the matter earlier this month.
“This court decision is critical to Magnetation’s success” said Larry Lehtinen, CEO of Magnetation. “With this behind us, we can continue forward with our goal of being the lowest cost iron ore pellet producer in North America.”