AK Steel, an Ohio-based steel producer, was the contract counterparty to a supply contract with Magnetation an iron ore pellet manufacturer. Magnetation sought to assume this contract in its bankruptcy. Faegre Baker Daniels represented AK Steel in opposition. After intensive discovery and a three-day trial, the Bankruptcy Court granted Magnetation's request to assume the contract; AK Steel appealed.
A global settlement was reached between the parties before the District Court issued a decision on appeal. The settlement was approved by the Bankruptcy Court over multiple objections after a 16-hour evidentiary hearing in October 2016.