MARTINS FERRY - Sold!
RG Steel Mingo LLC: sold.
RG Steel Yorkville LLC: sold.
RG Steel Martins Ferry LLC: sold.
RG Steel Warren Steel LLC (Ohio): auction postponed until Aug. 7, due to the involvement of a "stalking horse," or primary bidder.
RG Steel Sparrows Point LLC (Maryland): auction postponed until Aug. 7, which is also apparently the result of identifying a stalking horse bidder.
A former owner of the local steel mills, Esmark, is the apparent successful bidder for the Yorkville mill.
Earlier this summer, Esmark publicly confirmed interest in purchasing Wheeling Corrugating and the RG corporate office building in Wheeling, but there is no indication that has happened.
Several years ago the Esmark owners sold the business to Severstal who in turn sold the steel firm to RG Steel which, after barely a year's operations, filed for bankruptcy protection and reorganization.
A hearing on the RG Steel sales resulting from Tuesday's auction remains set for Aug. 8 in federal bankruptcy court in Delaware.
None of the sales are deemed final until approved in federal bankruptcy court by U.S. Bankruptcy Judge Kevin Carey.
"The stalking horse bidding process has been extended for an additional week for the Sparrows Point plant and the Warren plant," was the message Joe Rosel, president of USW Local 9477 at Sparrows Point, told members in an email early today.
Published reports had recently identified several scrap dealers and several operational firms interested in the steel mill which included US steel maker Nucor, Brazilian steelmaker CSN, and the Optima Fund Management/Metinvest, a Ukraine-based company.
Loccisano may be reached at kimfromthetl@gmail.com
