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Wed. 2:40pm: RG owner to visit Warren mill

September 5, 2012
Tribune Chronicle | TribToday.com

WARREN - The new owner of the RG Steel plant in Warren says it remains his wish to find the right combination of people to restart operations at the plant.

Charles J. Betters of Monaca, Pa., plans to visit the plant Thursday on the heels of the federal bankruptcy court approving the sale for $16 million.

RG Steel, the nation's fourth-largest flat-rolled steel manufacturer, sought bankruptcy protection in late May, citing financial struggles with low steel prices and high raw material costs.

Since the bankruptcy filing, RG Steel has been selling off assets in order to satisfy secured lenders who are owed some $450 million and have liens on virtually all of the company's assets.

RG Steel, which had an annual production capacity of more than 8 million tons, was formed in March 2011 as a wholly owned subsidiary of the privately held Renco Group. The company sought bankruptcy protection a week after announcing it would idle factories in Maryland, West Virginia and Ohio and lay off thousands of employees.

 
 
 

 

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