NEW YORK Bidding for RG Steel LLCs Warren, Ohio, plant assets was under way March 12, with more than 1,000 lots per day expected to be sold during the four-day auction.
Assets to be sold during the auction, which ends March 15, dont include the hot-strip mill and related items. Sales are due to be completed this week, according to Kevin Gamm, managing partner at Hamilton, Ohio-based Myron Bowling Auctioneers Inc., one of the two companies handling the auction.
Gamm said that some 400 people walked through the facility March 11 to inspect the items, although it was unclear how many companies were represented, he told AMM via e-mail.
"We anticipate in excess of 500 bidders at this auction sale throughout the week," he said. "Once the auctioneer hammers the item sold, the sale is complete. Each buyer is required to pay for their purchases this week."
Smaller items were sold March 12, including drills, cabinets, grinders and tables, Myron Bowlings online auction site showed. Most of the furnaces and annealing and slitting lines are expected to be sold later in the week.
Sparrows Point, Md.-based RG Steel filed for Chapter 11 bankruptcy protection last May (amm.com, May 31).