Steel Products Prices North America
Magnetation Ending Operations
Written by Sandy Williams
October 7, 2016
Final approval was received from a federal bankruptcy judge on Thursday to wind down operations at Magnetation’s iron ore plant in Grand Rapids, MN and pellet plant in Reynolds, IN.
“Now, our focus shifts to safely shutting down the Pellet Plant and Plant 4 in order to preserve their value for a potential buyer of the plants,” said Magnetation President Matt Lehtinen in a statement. “We are grateful for the contributions of the hundreds and hundreds of people over the last five years on this pioneering effort. We are hopeful that a buyer of the plants will be secured so that all stakeholders can look forward to a better future.”
Magnetation LLC, opened in 2008 using an innovative process to recover high-quality iron ore concentrate from previously abandoned iron ore waste stockpiles and tailings basins. At its peak the company employed more than 500 workers. A crash in iron ore prices led to a Chapter 11 filing under the U.S. Bankruptcy Code in May of 2015. From 2015 to 2016, the company idled its Minnesota iron ore concentrate plants in Keewatin, Bovey and Chisholm. The remaining Minnesota and Indiana plants employed approximately 245 workers.
Under a settlement agreement, AK Steel will pay $32 million to end its pellet agreement with Magnetation. Assets of the plants will be sold to pay creditors.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products Prices North America
Nucor lifts HR coil to $820/ton
Nucor has increased its consumer spot price (CSP) for hot-rolled (HR) coil for a fourth consecutive week.
Nucor pushes HR spot price to $790/ton
Nucor increased its consumer spot price (CSP) for hot-rolled (HR) coil to $790 per short ton (st) on Monday, Feb. 10 – a $15/st bump vs. last week. The Charlotte, N.C.-based company has raised its weekly CSP by $40/st over the past three weeks after maintaining tags at $750/st since Nov. 12, according to SMU’s […]
ArcelorMittal Dofasco increases spot sheet prices
ArcelorMittal Dofasco is raising spot sheet prices by CA$100 per ton (US$70/ton). The Hamilton, Ontario-based flat rolled steelmaker told customers the increase is effective immediately for all new orders. It did not specify to what level this brings its base prices but noted its right to re-quote previous but unconfirmed orders. “We will continue to […]
Nucor raises HR spot price to $775/ton
Nucor increased its consumer spot price (CSP) for hot-rolled (HR) coil to $775 per short ton (st) on Monday, Feb. 3. The $15/st week-on-week (w/w) rise marks the first back-to-back increases in the steelmaker’s weekly CSP since last August, according to SMU’s mill price announcement calendar. Nucor’s joint-venture subsidiary California Steel Industries (CSI) is also up […]
Nucor raises HR spot price to $760/ton
Nucor increased its consumer spot price (CSP) for hot-rolled (HR) coil to $760 per short ton (st) on Monday, Jan. 21. The $10/st week-on-week (w/w) rise marks the first increase in the CSP since Nov. 12. According to SMU’s mill price announcement calendar, the Charlotte, N.C.-based steelmaker held the weekly price at $750/st for 11 […]