Owners Schedule Another Sparrows Point Steel Mill Sale

The mill will be sold or auctioned by the beginning of 2013.

The fate of the Sparrows Point steel mill again hangs in the balance.

Environmental Liability Transfer and Hilco Trading, who purchased the former RG Steel back in August, plan to sell all or part of the mill by December.

The Hilco website, which features several photos of the site, lists the sale as a "rare opportunity to purchase and operate a steel mill."

Hilco has announced the following schedule for buyers:

  • Deadline for Initial Indication of Interest: November 12, 2012
  • Bid Deadline: December 21, 2012
  • Auction Date (if necessary): January 3, 2013
  • Closing Date: No later than January 11, 2013

RG Steel sold the mill to the liquidators in August for $72 million, after no steel producers showed up at the auction in New York.

More than 2,000 workers lost their jobs after RG Steel filed for bankruptcy in May. The company had purchased the former Bethlehem Steel from the Russian company Severstal North America in 2011, the Associated Press reported.

Steel workers and union heads have said they hope the sale will bring the return of a steel manufacturer, according to the report.

Steve October 02, 2012 at 05:35 PM
No, Unions are easy scapegoats. The real blame falls at the feet of the Vulture Capitalists. The real severe slide began under Rmoney's buddy and fellow Vulture Capitalist Wilbur Ross. It was a One Two Punch when combined with the dropping of the tariffs on Cheap Chinese steel and Bush running the economy into the ground.
Eastsider October 02, 2012 at 06:18 PM
In the 70’s foreign steel was less expensive then US production steel. 1982 Bethlehem Steel reported a loss of 1.5 billion dollars and shut down many of its operations (Republican President Reagan in Office). In 2001 Sparrows point went bankrupt (Democrat President Clinton in office). Since then multiple companies purchased and failed. So what did Bush and his Administration have to do with the failure of Beth Steel? Other than being a Republican. Please take off you Democratic beer goggles it’s distorting your vision to see the truth.
Steve October 02, 2012 at 06:27 PM
Bush lifted the Tariffs on cheap foreign steel prematurely. The industry was just getting back on it's feet and he pulled the rug out from under them. http://www.boston.com/business/articles/2003/12/05/bush_lifts_steel_import_tariffs/
Eastsider October 02, 2012 at 06:33 PM
If anything that was the final nail in the steel making coffin. Beth Steel was on life support way before then.
Mike November 23, 2012 at 11:58 PM
The Bush Administration put the tariffs in place. Clinton wouldn't.


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