BREAKING: Three potential buyers for Sparrows Point steel mill
Thursday, 26 July 2012 09:21
    According to The Baltimore Brew online journal, three companies filed papers yesterday as potential buyers of the steel mill at Sparrows Point.
    Two of the companies, Brazil-based steelmaker CSN and Optima Fund Management (a hedge fund associated with Ukranian mining company Metinvest) have preiously expressed interest in acquiring the mill.
In 2002, CSN was in talks to purchase the mill from Bethlehem Steel Corp. Utilmately, the mill was sold to Cleveland-based International Steel Group (ISG) in 2003.
    According to the Brew, Optima Fund Management had expressed interest in purchasing the mill from then-owner Severstal in 2011. The mill was eventually acquired by RG Steel.
    In addition, Nucor, a North Carolina steelmaking company, has also filed as a potential buyer.
    RG Steel has until Monday, July 30, to designate an initial “stalking horse bidder.” The stalking horse bidder sets the baseline price at the beginning of negotiations.
    If no stalking horse bidder is designated, the final auction of the Sparrows Point mill will take place on Tuesday, July 31. Otherwise, the auction will be held on Tuesday, Aug. 21.