ANNAPOLIS, Md. (AP) — Maryland Gov. Martin O’Malley says the state is ready to help retrain and retain steelworkers at the Sparrows Point plant near Baltimore.
Private equity firm Renco Group Inc. announced Wednesday that it has agreed to acquire three steel production facilities from the U.S. unit of Russia’s OAO Severstal, including the Sparrows Point plant, in an estimated $1.2 billion deal.
O’Malley says the deal holds the promise that Sparrows Point’s history of providing jobs with family-supporting wages will continue.
Renco says the deal will make its newly formed RG Steel subsidiary the fourth largest flat-rolled steel producer in the
U.S. Flat-rolled steel is used in vehicle bodies.
The deal also involves Severstal operations in Ohio and West Virginia.
(Copyright 2011 by The Associated Press. All Rights Reserved.)