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Hilco, ELT say Sparrows Point mill sale completed

The new owners of the Sparrows Point steel mill outside Baltimore say they have closed the deal and are looking for operators for all or part of the four-square-mile property.

Spokesman Gary Epstein says the mill has state-of-the-art cold-rolling equipment. The site also has rail, ship and truck transportation access next to the Port of Baltimore, which is preparing to service new, larger ships expected to begin passing through the Panama Canal.

A federal bankruptcy judge approved the $72 million purchase last month by Hilco Industrial, a company that specializes in industrial liquidations, and Environmental Liability Transfer

Epstein says the new owners are assessing the site, which is expected to take several weeks. They are also considering removing and selling equipment as well as demolition, environmental remediation and redevelopment.

One comment

  1. The Baltimore Brew raised some good questions about the transactions of the Sparrow’s Point Mill over these few years and who was behind each round of sales. There appears to be a good case for fraud in the sale and resale.

    One first has to look at the development plans for Dundalk/sparrow’s Point area drawn in the 1980s to see this parcel of land was designated for affluent waterfront development….minus this mill. This is in fact what we are seeing now. So why the award of Federal stimulus money for manufacturing with no requirement to upgrade facility to make it a viable business model? The players in the original investment group overlap the current one and Hilgo is a Chicago-based company that seemed to score big in buying at a bargain-basement price and getting salvage rights to boot. May be an Obama/national campaign for O’Malley connection there.

    So, we are looking forward to the journalism that is Baltimore in running with this bone….