A Minnesota Company that had shipped iron ore by rail to a plant in Indiana has closed as part of a bankruptcy settlement.
The ore was transported by rail to a pellet plant that Magnetation built in 2014 in Reynolds, Indiana.
Iron ore pellets were made in Reynolds for AK Steel facilities in Ohio and Kentucky. CSX moved the ore to Reynolds and transported the pellets to the AK Steel plants. BNSF had handled the ore between Minnesota and Chicago.
The Indiana plant will close on Oct. 25, putting 160 employees out of work.
The last train was loaded in Minnesota on Oct. 4. Officials blamed the company’s demise on a downturn in the domestic steel industry, saying that iron ore prices have crashed.
Magnetation had sought bankruptcy protection in May 2015, listing more than $1 billion in debt and assets worth less than half that.
The company said it will preserve its Indiana facility to protect its value for a potential buyer although no would-be buyers have yet approached Magnetation.