GRAND RAPIDS, MN (KDAL) - Magnetation LLC announced on Tuesday that it has selected the Reynolds, Indiana site to built its new iron ore pellet plant.  Superior was one of the finalists for the plant that will produce high quality iron ore pellets from recovery operations in northern Minnesota.  Magnetation anticipates ground breaking on the new plant in the first quarter of next year and it should be operational in late 2014 or early 2015.