NEW YORK — The sale of mineral rights to some of the former RG Steel LLC’s land in Brooke County, W.Va., has closed, according to documents filed in federal bankruptcy court in Delaware.
The bankrupt Sparrows Point, Md.-based steelmaker completed the mineral rights sale Nov. 5 at a final purchase price of $2.8 million, according to a court filing dated Jan. 2.
Oklahoma City, Okla.-based Mineral Acquisition Co. originally offered to pay $3,000 per acre, or a total of $1.16 million, for the mineral rights in Brooke County (amm.com, Oct. 3), but the final purchase price was amended to reflect the higher value, according to court documents.
An executive for RG Steel declined to comment and a representative of Mineral Acquisition did not respond to a request for comment.