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By Jamie Smith Hopkins, The Baltimore Sun | January 29, 2013
The federal Pension Benefit Guaranty Corp. is suing the Renco Group — parent of bankrupt RG Steel — for allegedly attempting to "evade liability" for the steelmaker's pension obligations. The agency is seeking $97 million from the New York holding company, which created RG Steel in 2011 to buy the Sparrows Point steel mill and other facilities. RG Steel rapidly failed and sought bankruptcy protection last May. The lawsuit, filed in U.S. District Court in New York on Monday, alleges that Renco sold 24.5 percent of the steelmaker, of which it had been sole owner, in January 2012 with the "principal purpose" of avoiding pension liabilities.
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BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | February 1, 2013
Unsecured creditors in the RG Steel bankruptcy case withdrew Friday their request to sue the company's billionaire founder. The Official Committee of Unsecured Creditors had in January asked the U.S. Bankruptcy Court in Wilmington for permission to go after Ira Rennert, alleging that his decisions in the months before RG Steel collapsed were aimed at worsening the company's finances to shore up his own. The committee said it might be able to recover...
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BUSINESS
By Andrea K. Walker, The Baltimore Sun | March 2, 2011
The Russian owner of the Sparrows Point Steel Mill said Wednesday it is selling the Baltimore County plant — once vital to building the company's U.S. footprint and to Maryland's manufacturing industry — to the Renco Group because the business isn't profitable enough. The sale is part of a $1.2 billion transaction, expected to close later this month, that also would transfer Severstal plants in Warren, Ohio, and Wheeling, W.Va., to Renco. The deal would be the fourth ownership change at the plant since Bethlehem Steel declared bankruptcy in 2001.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | January 29, 2013
The federal Pension Benefit Guaranty Corp. is suing the Renco Group — parent of bankrupt RG Steel — for allegedly attempting to "evade liability" for the steelmaker's pension obligations. The agency is seeking $97 million from the New York holding company, which created RG Steel in 2011 to buy the Sparrows Point steel mill and other facilities. RG Steel rapidly failed and sought bankruptcy protection last May. The lawsuit, filed in U.S. District Court in New York on Monday, alleges that Renco sold 24.5 percent of the steelmaker, of which it had been sole owner, in January 2012 with the "principal purpose" of avoiding pension liabilities.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | February 1, 2013
Unsecured creditors in the RG Steel bankruptcy case withdrew Friday their request to sue the company's billionaire founder. The Official Committee of Unsecured Creditors had in January asked the U.S. Bankruptcy Court in Wilmington for permission to go after Ira Rennert, alleging that his decisions in the months before RG Steel collapsed were aimed at worsening the company's finances to shore up his own. The committee said it might be able to recover...
NEWS
By Steve Kilar, The Baltimore Sun | March 2, 2012
The tin mill operation at the Sparrows Point steel plant in Baltimore County will begin its shut down later this month and be entirely suspended by the end of April, according to a letter from the top union representative for the tin mill. "I met this morning with management to discuss the present and future plans for our Tin Mill," wrote Michael Baskerville in a letter with Friday's date to mill workers. "The Tin Mill is being put into what is called Asset Preservation Mode, because of the loss of annual contracts.
NEWS
By Jamie Smith Hopkins, The Baltimore Sun | June 19, 2012
The speedy bankruptcy auction planned for the Sparrows Point steel mill and other assets held by its cash-strapped owner has come under fire from unsecured creditors, who say the timeline is so short that it reduces the possibility of a buyer paying fair value and restarting the facilities now standing idle. RG Steel LLC, which owns the Baltimore County mill, filed for bankruptcy protection at the end of May. It is in the midst of laying off nearly 2,000 employees at Sparrows Point — almost the entire workforce — as it shuts down division after division.
NEWS
By Eileen Ambrose, The Baltimore Sun | December 28, 2011
The owner of the Sparrows Point steel mill has told state unemployment insurance officials that about 720 workers at the Baltimore County plant are being furloughed and are expected back on the job March 4. Managers started telling workers last Thursday not to show up for work this week in what was described then as an "indefinite" layoff, plant employees told The Baltimore Sun. The plant's owner, RG Steel, did not give Maryland officials notice...
BUSINESS
By Andrea K. Walker, The Baltimore Sun | March 17, 2011
The Sparrows Point steel mill will soon rumble back to life, according to its new owner, which on Thursday announced plans to restart primary operations at the plant this spring. Under the plan by the New York-based Renco Group, which is expected to close on an acquisition of Sparrows Point by the end of the month, 150 workers will return to work next week — bringing life back to a large portion of the hulking Baltimore County mill, which has sat idle, dark and quiet since July. It also brings hope to the nearly 1,000 workers who were laid off during the shutdown and stability — at least in the short term — to the mill, union leaders said.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | January 18, 2013
Bankrupt RG Steel's unsecured creditors are seeking permission to sue Ira Rennert — the billionaire who created the company to buy Sparrows Point — for allegedly worsening the steel mill owner's financial situation in order to improve his own. The Official Committee of Unsecured Creditors told the U.S. Bankruptcy Court in Wilmington, Del., that it might be able to recover more than $238 million if allowed to pursue claims against Rennert for...
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | January 18, 2013
Bankrupt RG Steel's unsecured creditors are seeking permission to sue Ira Rennert — the billionaire who created the company to buy Sparrows Point — for allegedly worsening the steel mill owner's financial situation in order to improve his own. The Official Committee of Unsecured Creditors told the U.S. Bankruptcy Court in Wilmington, Del., that it might be able to recover more than $238 million if allowed to pursue claims against Rennert for...
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | June 21, 2012
The Sparrows Point steel mill will have more time to find buyers — two to four weeks extra — under an agreement hammered out Thursday in the bankruptcy case. Owner RG Steel's unsecured creditors had contended that the July 27 deadline to close a deal, just two months after the company filed for bankruptcy protection, was so tight that it would harm the chances of finding a buyer to pay fair value and restart the facilities being idled. The terms of the new deadline were outlined in court papers Thursday.
NEWS
By Jamie Smith Hopkins, The Baltimore Sun | June 19, 2012
The speedy bankruptcy auction planned for the Sparrows Point steel mill and other assets held by its cash-strapped owner has come under fire from unsecured creditors, who say the timeline is so short that it reduces the possibility of a buyer paying fair value and restarting the facilities now standing idle. RG Steel LLC, which owns the Baltimore County mill, filed for bankruptcy protection at the end of May. It is in the midst of laying off nearly 2,000 employees at Sparrows Point — almost the entire workforce — as it shuts down division after division.
NEWS
June 4, 2012
Four years ago, the purchase of the Sparrows Point steel mill by OAO Severstal stirred hopes among steelworkers, their families and the community. Last year, the appearance of new owners Renco Group Inc. and its subsidiary, RG Steel, did, too. Four times in the past decade, expectations have periodically been raised in similar fashion. Might the next owners turn things around and provide the needed investments to make Sparrows Point competitive again? Each time, those hopes have been dashed and a parade of managers proved themselves unequal to the task.
BUSINESS
By Andrea K. Walker and Lorraine Mirabella, The Baltimore Sun | May 31, 2012
The Sparrows Point steel mill stumbled into bankruptcy for the second time in 11 years as its owner filed Thursday for Chapter 11 protection from creditors as it prepares to idle operations and cut nearly 2,000 jobs at the plant next week. RG Steel LLC said in documents filed in U.S. Bankruptcy Court in Delaware that it owed more than $1 billion and had run out of cash, giving the first look at the privately held company's troubled finances. It also has $1 billion in assets. The company is seeking a buyer for Sparrows Point as well as its two steel plants in Wheeling, W.Va., and Warren, Ohio, and other steel-related operations, as it copes with a "liquidity crisis.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | May 21, 2012
The struggling Sparrows Point steel mill could be sold within the next six months, mill owner RG Steel said Monday. "We're not going to be specific at this time," said Bette Kovach, an RG Steel spokeswoman, as she confirmed comments by two company executives that potential buyers were eyeing the Baltimore County plant, as well as others owned by the firm. Speaking last week to the Baltimore chapter of the Association of Women in the Metal Industries, Jerry Nelson, RG Steel's chief commercial officer, said that "people have expressed interest" in acquiring some RG Steel plants and that "I think it's safe to say everything is on the table.
BUSINESS
Andrea K. Walker, The Baltimore Sun | May 3, 2012
RG Steel LLC is cutting the salaries of managers and executives, including those at Sparrows Point in Baltimore County, because of weak economic conditions. The company sent a letter to employees Monday that said it would temporarily slash the pay of salaried workers by 10 percent beginning May 1. Company executive pay was reduced by 25 percent. RG Steel will also stop contributing to the 401(k) plans of the employees affected. "We view this as temporary until the company can get on better financial footing," said spokeswoman Bette Kovach.
NEWS
By Andrea K. Walker, The Baltimore Sun | December 23, 2011
Sparrows Point has shut down steelmaking operations as the Baltimore County plant struggles to pay its bills and win back customers, workers said Friday. Elizabeth "Bette" Kovach, a spokeswoman for Sparrows Point owner RG Steel, did not return several calls to confirm shuttering of the mill, which employs more than 2,200 workers. But analysts and workers said that managers began meeting with employees Thursday to tell them not to report to work next week. The shutdown comes nine months after RG Steel bought the steel mill from Russian company Severstal.
BUSINESS
Andrea K. Walker, The Baltimore Sun | May 3, 2012
RG Steel LLC is cutting the salaries of managers and executives, including those at Sparrows Point in Baltimore County, because of weak economic conditions. The company sent a letter to employees Monday that said it would temporarily slash the pay of salaried workers by 10 percent beginning May 1. Company executive pay was reduced by 25 percent. RG Steel will also stop contributing to the 401(k) plans of the employees affected. "We view this as temporary until the company can get on better financial footing," said spokeswoman Bette Kovach.
NEWS
By Steve Kilar, The Baltimore Sun | March 2, 2012
The tin mill operation at the Sparrows Point steel plant in Baltimore County will begin its shut down later this month and be entirely suspended by the end of April, according to a letter from the top union representative for the tin mill. "I met this morning with management to discuss the present and future plans for our Tin Mill," wrote Michael Baskerville in a letter with Friday's date to mill workers. "The Tin Mill is being put into what is called Asset Preservation Mode, because of the loss of annual contracts.
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