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

SMU Price Ranges: Sheet and plate steady ahead of Independence Day
Sheet and plate prices were little changed in the shortened week ahead of Independence Day, according to SMU’s latest check of the market.

Nucor maintains plate prices, opens August order book
Nucor aims to keep plate prices flat again with the opening of its August order book.

Nucor CSP remains level at $900/ton
Nucor maintained its weekly list price for hot-rolled (HR) coil this week, following two consecutive increases.

Cliffs raises prices, seeks $950/ton for July spot HR
Cleveland-Cliffs plans to increase prices for hot-rolled (HR) coil to $950 per short ton (st) with the opening of its July spot order book. The Cleveland-based steelmaker said the price hike was effective immediately in a letter to customers dated Monday.

HRC vs. prime scrap spread widens in June
The price spread between HRC and prime scrap widened in June.