GRAND RAPIDS, Minn., June 18, 2014 /PRNewswire/ -- Magnetation celebrated today the arrival of the first of six new unit trains being manufactured specifically to move iron ore concentrate to its pellet plant in Reynolds, Indiana. The concentrate will be loaded at its Jessie Load-Out terminal just east of Grand Rapids before departing for the state-of-the-art pellet plant currently in the final stages of construction in Indiana. To celebrate the shipment, Magnetation is hosting a loading ceremony at the Jessie Load-Out from 10:00am to 3:00pm. Magnetation employees and the press are invited to attend.
"This inaugural shipment of concentrate to our Pellet Plant marks a significant milestone in our company's history," said Matt Lehtinen, President and Chief Operating Officer of Magnetation. "On this special day we celebrate the beginning of a new era of iron ore production, jobs, and economic activity for our operations."
Despite severe winter conditions, the pellet plant construction remains ahead of schedule and will begin operating during the second half of this year. The 3.0 million metric tonne per year facility will produce high quality fluxed iron ore pellets that will feed partner AK Steel's blast furnace operations in Ashland, Kentucky and Middletown, Ohio. To supply the pellet plant with concentrate, Magnetation is currently constructing a 2.0 million tonne per year iron ore beneficiation plant near Grand Rapids, Minnesota that will begin operating in early 2015.
Magnetation LLC is a joint venture between Magnetation, Inc. (50.1% owner) and AK Steel Corporation (49.9% owner). Magnetation LLC reclaims high-quality iron ore concentrate from previously abandoned iron ore waste stockpiles and tailings basins. Currently, Magnetation LLC owns and operates two reclamation plants located in Keewatin, MN and Bovey, MN. Magnetation LLC is currently constructing a 3.0 million metric tonne per year iron ore pellet plant in Reynolds, Indiana and a 2.0 million metric tonne per year iron ore concentrate plant located north of Grand Rapids, MN. Additional information about the company is available at www.magnetation.com.
SOURCE Magnetation LLC