Magnetation LLC has successfully closed $110 million of senior secured credit facilities comprised of a $25 million senior secured revolving credit facility, a $50 million senior secured term loan A and $35 million senior secured delayed draw term loan. The proceeds will be used for growth-related capital expenditures for Phase 2 of Magnetation's development, which includes the previously-announced construction of a new plant in Reynolds, Indiana that will produce high-quality iron ore pellets, a critical raw material in the steelmaking process.

JPMorgan Chase, N.A. is the administrative agent for the Credit Facilities and J.P. Morgan Securities LLC acted as the sole lead arranger and bookrunner of the syndication. Associated Bank, N.A. and BMO Harris Bank N.A. are co syndication agents with RBS Citizens, N.A. as a participant.

"This new capital allows us to continue to execute on our Phase 2 growth plans in an efficient manner, as well as demonstrate our strong relationships with lenders," said Larry Lehtinen , CEO of Magnetation.

Magnetation LLC is a joint venture between Magnetation, Inc. (50.1% owner) and AK Steel Corporation (49.9% owner). Magnetation LLC reclaims high-quality iron ore concentrate from previously abandoned iron ore waste stockpiles and tailings basins.

AK Steel produces flat-rolled carbon, stainless and electrical steels, primarily for automotive, infrastructure and manufacturing, construction and electrical power generation and distribution markets.