"A century of steel making as we know it has come to an end" in Baltimore County, says County Executive Kevin Kamenetz.
The future of more than five miles of land in Sparrows Point no longer lies in in the steel mills. Owners of the former RG Steel plant plan to sell off a $300 million cold mill and eventually raze the buildings on the property, selling the remains for scrap. A second company that owns the land will end up being responsible for helping the county shape the future of the industrial land, according to County Executive Kevin Kamenetz. "A century of steel-making as we know it has come to an end," said Kamenetz during a Thursday news conference. Kamenetz said Hilco Trading which owns some of the buildings and equipment, "plans to liquidate every asset and bring the structures down to the ground." The announcement brings an end to the plant that …
The struggling steel company had previously announced plans to idle its Sparrows Point plant and two others beginning June 4.
Thursday, May 31, 2012
RG Steel on Thursday morning released the following statement: RG Steel, LLC and its wholly-owned subsidiaries (the “Company”) announced today that they have filed petitions under Chapter 11 of the United States Bankruptcy Code with the United States Bankruptcy Court for the District of Delaware. RG Steel was formed in March, 2011 following the purchase of three steel facilities located in Sparrows Point, MD, Wheeling, WV and Warren, OH. John Goodwin, CEO of RG Steel commented, “Despite the Company’s aggressive cost reduction efforts, significant improvements in its cost structure, and substantial investment capital, the Company has been unable to overcome the impact of the continued deterioration of the market and the inability of the …