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Tue. 4:08pm: Status of RG Steel unclear

August 7, 2012
Tribune Chronicle | TribToday.com

The status of RG Steel's Warren operations remains unclear.

The southside mill, along with a mill in Sparrows Point, Md., were scheduled to go on the auction block in a Delaware bankruptcy court this morning.

According to published reports, a Ukrainian firm that had been interested in the Maryland site pulled out of the bidding today.

There has been no news of interest in the Warren site.

The sale of both operations was originally slated for last week but postponed until today due to the involvement of a "stalking horse," or primary bidder.

RG Steel LLC, filed for Chapter 11 bankruptcy protection on May 31 and stated it could not overcome the deterioration of the steel market and would sell off the three plants it bought last year from Russian steelmaker Severstal for $1.2 billion.

In addition to its Warren and Sparrows Point sites, RG also owned facilities in Wheeling, W.Va., and additional finishing facilities are in Yorkville and Martins Ferry, Ohio.

 
 

 

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