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: Road Closures & Parking Restrictions To Expect For The Preakness Stakes
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: With Near-Record Heat On Tap For The Preakness, Be Sure To Stay Cool
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: Employee Shot At Owings Mills Pizza Shop
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