Sparrows Point Purchased For $72 Million By Plant Liquidator

Steel mill workers were hoping for an operator, but none show at auction

BETHLEHEM STEEL PLANT AT SPARROWS POINT - NARA...

BETHLEHEM STEEL PLANT AT SPARROWS POINT – NARA – 546808 (Photo credit: Wikipedia)

A liquidation firm won the bidding for Sparrows Point, offering $72 million for the Baltimore County steel mill — less than a tenth of what the complex sold for just four years earlier — and realizing the worst fears of its roughly 2,000 employees.

Mill advocates vowed to push for a miracle to keep steelmaking going there.  The local United Steelworkers union had hoped for a steelmaker would buy and restart the mill — idled after owner RG Steel filed for bankruptcy in May.  But no steelmaking companies showed up to bid at the Tuesday afternoon auction in New York, said Joe Rosel, president of Local 9477 in Locust Point.

The mill’s general manager, Glenn Mikaloff, sent an email to managers late Tuesday that identified Hilco as the winner and the size of its bid.

Read more: http://www.mcall.com/business/bs-bz-sparrows-point-sold-20120808,0,1409767.story

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