BALTIMORE (AP) — The federal Pension Benefit Guaranty Corporation says it is taking control of two RG Steel pension plans.
The federal agency says it is taking over the RG Steel Warren and the RG Steel Wheeling plans. The Warren Plan has 1,208 participants while the Wheeling Plan has 146. The agency says preliminary calculations show the two are underfunded by about $89 million.READ MORE: UMD Doctoral Candidate, Anat Kimchi, Stabbed To Death In Downtown Chicago
The steelmaker sought bankruptcy protection in late May. Since then, the agency says RG has sold off practically all of its assets, mostly to liquidators, and none of the buyers have assumed the pension plans.READ MORE: Milestones In Maryland's Covid-19 Fight: No Deaths Reported In 2 Days, Less Than 50 New Cases
RG Steel was based at its Sparrows Point plant outside Baltimore. The company also had plants in Warren, Ohio and Wheeling, W.Va. as well as finishing facilities in Yorkville and Martins Ferry, Ohio.MORE NEWS: Violence In Baltimore City Continues To Outpace 2020 Numbers, Governor Hogan Reacts
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