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Magnetation LLC Announces Potential Shutdown of its Minnesota and Indiana Facilities

GRAND RAPIDS, Minn., Aug. 26, 2016 /PRNewswire/ -- Magnetation LLC (Magnetation) announced today that it may implement a shutdown of its Minnesota iron ore concentrate plant, rail loading facility and Pellet Plant located in Reynolds Indiana. If implemented, any shutdown would occur on or after September 30, 2016. The Company intends to continue operating in the normal course until such time.

The announcement initiates compliance with the U.S. Department of Labor's Worker Adjustment and Retraining Notification (WARN) Act by notifying local officials and the International Union of Operating Engineers Local 49 of production curtailments and employee reductions. WARN Act notification is required 60 days in advance under certain circumstances when there is a potential for layoffs of more than 50 employees for a period in excess of six months.

In connection with the potential shutdown, the Company has entered into an agreement with AK Steel Corporation, Magnetation Inc. and the Company's senior secured lenders to cease...


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