December 2016

AK Steel Settles Contract Dispute in Magnetation Bankruptcy Case

United States - Minnesota

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.

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