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
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).