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AK Steel (NYSE:AKS) said on May 20th that Magnetation LLC (“Magnetation”), its joint venture with Magnetation, Inc., has successfully completed a $325 million senior secured note offering and has entered into a $50 million senior secured credit facility.
AK Steel (NYSE:AKS) said on May 20th that Magnetation LLC (“Magnetation”), its joint venture with Magnetation, Inc., has successfully completed a $325 million senior secured note offering and has entered into a $50 million senior secured credit facility. The proceeds will be used primarily to fund construction of a new plant in Reynolds, Indiana to produce iron ore pellets, a critical steelmaking raw material. Production from the pellet plant will supply AK Steel’s blast furnaces located in Ohio and Kentucky.
As quoted in the market news:
“We are excited to reach another milestone event in AK Steel’s strategic initiative to become more self-sufficient in steelmaking raw materials,” said James L. Wainscott, Chairman, President and CEO of AK Steel. “This transaction positions Magnetation well to continue on its path of accelerated construction of the pellet plant.”
Click here to read the full press release in Yahoo Finance via PRNewswire