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Oct. 3, 2012
New Owner to Sell Sparrows Point Assets
Joint venture partners Hilco SP LLC and Environmental Liability Transfer Inc. have completed the purchase of the former RG Steel Sparrows Point mill in Baltimore County, Md., and plan to sell the mill and its assets.
The mill was idled shortly after RG Steel filed for bankruptcy in May. Hilco and ELT successfully bid for the property at a public auction. The sale was approved in the U.S. Bankruptcy Court in Wilmington, Del., in August.
Hilco is offering to sell one or more independent lines or the entire Sparrows Point mill, though not the property itself. Buyers may purchase lines and their components, but must remove them from the facility.
At the time of the purchase, officials from the joint venture indicated they were pursuing a number of options, including sale of the entire mill and its equipment, or “removal and resale of industrial equipment and structural demolition followed by environmental remediation of the site as a precursor to redevelopment.”
Prior to the joint venture’s acquisition, Sparrows Point was RG Steel’s largest integrated steel production facility. Sparrows Point had an annual capacity of 3.6 million tons of crude steel, 2.9 million tons of hot-rolled, 1.3 million tons of cold-rolled, 480,000 tons of coated and 470,000 tons of tin. It was the only fully integrated mill on the East Coast capable of producing flat-rolled steel.
Major components of the facility include the second-largest blast furnace in North America, a BOF and continuous caster, hot mill, tin facility, and four galvanizing lines. Additionally, the cold mill, which was originally commissioned in 2000, is considered to be one of the most modern in all of North America, the owners claim.
Another RG Steel property, the Warren, Ohio, steelmaking operation, reportedly was purchased by CJ Betters Enterprises. According to American Metal Market, owner Chuck Betters is considering restarting steelmaking operations at the facility.
Additionally RG’s Wheeling-Pittsburgh operation was split up in a sale, with a group of Wheeling businessmen led by Quay Mull purchasing the Martins Ferry mill, while a joint venture between South Korea’s TCC Steel and former W-P owner Esmark acquired the Yorkville operation.
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