AK iron ore JV nets $325M in offering

May 21, 2013 | 02:46 PM | Stacy Irish

Tags  AK Steel, Magnetation, iron, iron ore, iron ore pellet, Magnetation, Steel First, Stacy Irish

NEW YORK — Magnetation LLC, AK Steel Corp.’s joint venture with iron ore concentrate producer Magnetation Inc., has completed a $325-million notes offering and has entered into a $50-million senior secured credit facility, AK Steel said May 20.

The proceeds from the senior secured notes offering will be used primarily to fund the construction of a new iron ore pellet plant in Reynolds, Ind., the steelmaker said. Production from the pellet plant will supply AK Steel’s blast furnaces in Ohio and Kentucky, the company said. ....

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