GRAND RAPIDS, Minn. -

Magnetation LLC announced Friday that it may implement a shutdown of its Minnesota iron ore concentrate plant, rail loading facility and Pellet Plant located in Reynolds, Indiana. If implemented, a shutdown would occur by September 30,2016.

This comes after the company filed for Chapter 11 bankruptcy in May of 2015, after the company was devastated by the iron ore price crisis. The company has already idled its other three plants in Minnesota indefinitely.

The announcement initiates compliance with the U.S. Department of Labor's Worker Adjustment and Retraining Notification, which requires 60 days advance notice, when there is a potential layoffs of more than 50 employees for a period in excess of six months.

The Grand Rapids facility currently employs over 150 workers, and the Indiana facility employs nearly 100.

The company also announced they have entered an agreement with partner AK Steel Corporation and other lenders, to begin cease operations and implement a wind-down process.

Magenation is continuing to either seek additional financing or a third-party buyer of the company.