In a grim turn of events for the nearly 2,000 workers at the Sparrows Point steel mill, the reported high bidder for its assets is a well-known, international company that specializes in auctioning off equipment at closed plants.
RG Steel LLC, an affiliate of The Renco Group Inc., said Thursday it had closed its $1.2 billion deal to buy three steel plants, including the former Bethlehem steel plant at Sparrows Point, from OAO Severstal. In addition to Sparrows Point, RG Steel purchased integrated steel plants at Warren, Ohio, and Wheeling, W. Va. The [...]
The Sparrows Point steel mill is getting a new owner and possibly a new lease on life under a deal announced Wednesday. The Baltimore County plant, which has been largely idle since the summer, and two other properties owned by OAO Severstal were acquired by the Renco Group Inc. for $1.2 billion. The Russian steel [...]
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