Hilco, ELT Say Sparrows Point Mill Sale Completed

BALTIMORE (AP) — 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.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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