Severstal targets RG Steel's MSC lien

Jan 07, 2013 | 04:23 PM | Chris Prentice

Tags  Severstal, RG Steel, Mountain State Carbon, coking coal, coke, United Steelworkers union, USW, Chris Prentice

NEW YORK — Severstal U.S. Holdings LLC has asked a federal bankruptcy court judge in Delaware to relieve a stay motion that is keeping it from enforcing a lien on RG Steel LLC’s security interest in Mountain State Carbon LLC.

RG Steel owes and is liable to Severstal for $100.7 million, an amount that is more than the value of the bankrupt steelmaker’s stake in the Mountain State Carbon operations, Wilbur Winland, vice president and general manager of Severstal North America Inc.’s Columbus, Miss., mill, said in an affidavit filed in support of the motion. Winland is also co-controller of Mountain State Carbon, a 50-50 joint venture between RG Steel and Severstal NA.....

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