RG Steel scrap suppliers want advance payment
May 18, 2012 | 02:39 PM
| Lisa Gordon
PITTSBURGH At least half a dozen major scrap suppliers have confirmed they have cut off shipmentsor are demanding payment in advanceat RG Steel LLCs 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 dont 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.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.