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RG mill buyers may seek out operator

Keywords: Tags  rg steel, sparrows point, environmental liability transfer, hilco industrial, hilco trading, epa, environmental protection agency, maryland department of the environment


NEW YORK — Winning bidders Hilco Industrial LLC and Environmental Liability Transfer Inc. said they are open to finding an operator for RG Steel LLC’s Sparrows Point, Md., steelmaking complex after a federal judge in Delaware bankruptcy court approved the sale in a hearing Wednesday.

"I wanted to put on the record that Hilco, as the entity that will be marketing some of the mills at Sparrows Point, recognizes the sale process was maybe not as long as it could have been (and) we are interested in finding operators who will reopen parts or all of the mill," the company’s counsel said in final remarks at the hearing.

Counsel for Environmental Liability Transfer confirmed the possibility of finding operators for the mill. "If operators are to be found, we hope to find them. Nonetheless, we think the site will have a vibrant future," counsel said.

Judge Kevin J. Carey approved the sale motion to Hilco and Environmental Liability Transfer on Wednesday after a number of changes were made to the sale documents. One of those changes included the winning bidders adding another $500,000 to their original bid of $72 million to fund an offshore sitewide environmental investigation following objections from the Department of Justice on behalf of the U.S. Environmental Protection Agency and the Maryland Department of the Environment.

The Wednesday hearing also resolved a number of objections to the sale from companies seeking to protect their property and interests as the sale moves forward.

Meanwhile, a last-minute bid from SB International Steel for the Sparrows Point mill offered during the hearing was deemed to be too late ( amm.com, Aug. 15).

The sale must close within 30 days, according to documents filed Aug. 15.


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