A U.S. bankruptcy court Thursday approved a motion to terminate Magnetation LLC’s pellet purchase agreement with AK Steel, marking the end of Magnetation. A statement from Magnetation, LLC.
“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 filed for bankruptcy protection in May of 2015.