RG Steel Eyeing Asset Sales, Spokeswoman Confirms
BALTIMORE (AP) — A spokeswoman for RG Steel says the company is considering selling steel mills in three states, including the Sparrows Point plant outside Baltimore.
RG Steel spokeswoman Bette Kovach on Monday confirmed reports that potential buyers have expressed interest in acquiring company facilities and all options are on the table. Kovach did not provide any further details.
RG Steel bought plants in Maryland, Warren, Ohio, and Wheeling, W.Va. last year, making it the fourth-largest flat-rolled steel producer in the country. However, the company has struggled financially since then.
The company shut down the Sparrows Point blast furnace just before Christmas and notified state officials that it was laying off about 720 workers. RG restarted the blast furnace earlier this year after receiving financing from a New York hedge fund.
(Copyright 2012 by The Associated Press. All Rights Reserved.)