RG Steel scrap suppliers want advance payment
May 18, 2012 | 02:39 PM
| Lisa Gordon
Tags
scrap,
RG Steel,
Renco Group,
Sparrows Point mill,
Warren mill,
Lisa Gordon
PITTSBURGH — At least half a dozen major scrap suppliers have confirmed they have cut off shipments—or are demanding payment in advance—at RG Steel LLC’s mills in Warren, Ohio, and Sparrows Point, Md.
"We are no longer sending scrap because it is too risky because of cash concerns," one trader at a large brokerage firm said. "Their dollar appears to be toxic and dealers don’t want to go in unless they get a . . . wire transfer ahead of time." He said that other suppliers might be willing to risk selling to RG if the steelmaker will overpay for material.....
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