Nucor, Esmark win bids for RG Wheeling assets
Aug 01, 2012 | 04:45 PM
| Chris Prentice
Tags
RG Steel,
Wheeling,
Nucor,
Esmark,
Frontier Industrial
NEW YORK — An auction Tuesday for RG Steel LLC’s Wheeling, W.Va., assets saw the unit divvied up among a number of buyers, including Nucor Corp., Esmark Steel Group LLC and Frontier Industrial Corp., sources confirmed to AMM on Wednesday.
Nucor bought all the equipment from Wheeling Corrugating Co. for $7 million, a Nucor spokeswoman told AMM. The Charlotte, N.C.-based steelmaker declined to comment further on the purchase.
Esmark, which had previously announced plans to bid for a portion of the assets, confirmed Wednesday that it had partnered with Seoul-based TCC Steel Co. to purchase the cold-rolled facility in Yorkville, Ohio, and RG Steel’s 50-percent stake in Ohio Coatings Co., a tin mill joint venture with TCC. Prior to RG Steel’s bankruptcy filing, Ohio Coatings had received substrate for the tinplate operations from RG Steel’s Sparrows Point, Md., facility.....
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