cost of by-product io fines & lumps in 2014, page-3

I'd say your costs are about right, but if they sold 88kt iron ore at $136/t they'd have reported at least $12 million in sales instead of the $4.4 million they reported which included a small amount of FeV production.

$136/t for ore at 52% Fe is way out. Atlas is selling a product called Value Fines, 53.8% Fe for $98/t and this has a much higher value in use that ATI iron fines which has titanium oxide as a major contaminant at approx 10 to 12% which relatively few iron producers can (or would want) to handle.

Iron ore production allows ATI to transfer production costs away from FeV and into iron ore. The new iron - titanium product is again a specialty ore which few can use in relatively high cost smelting processes. But again it lets FeV production costs be spread over material which otherwise would be costed as waste.