WHITE COUNTY, Ind. (WLFI) — Last ditch efforts to keep the doors open at the Magnetation plant in Reynolds were unsuccessful.
The company announced Thursday operations at its pellet plant in White County would stop on or about Oct. 7, 2016.
The agreement between Magnetation and AK Steel Pellet to purchase the company was terminated after a bankruptcy judge ruled to approve the Global Settlement Agreement.
The company said local management teams will be contacting all employees with plans regarding the wind-down process.
A Worker Adjustment and Retraining Notification sent out by the company in August states no employees will be laid off until Oct. 25.
The company said it worked very hard to keep the business operating and thanks each of its employees for their hard work.