BUSINESS
By Gus G. Sentementes, The Baltimore Sun | March 31, 2011
Ownership of the Sparrows Point steel mill in Baltimore County was officially transferred on Thursday from Severstal North America, a subsidiary of a Russian steel and mining company, to the New York-based Renco Group Inc., company officials said. The Renco Group bought the steel mill, as well as mills in West Virginia and Ohio, in a $1.2 billion deal that was struck earlier this month. Renco has said it plans to bring an unspecified number of workers back to Sparrows Point, after most of the mill's operations were idled in July and nearly 1,000 workers were laid off. The company has said it would resume making steel next month.
BUSINESS
By Jay Hancock | March 13, 2011
To last another century, the Sparrows Point steel mill needs maybe $1 billion invested in new equipment or an act of God that moves Baltimore closer to Detroit and the manufacturing customers there. Which event is more likely to occur is debatable. Ira Rennert, whose Renco Group has agreed to buy Sparrows Point and two other mills owned by Severstal North America, does not have a reputation as a big spender. (On his companies. What he spends on himself is another matter entirely.
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 Lorraine Mirabella, The Baltimore Sun | November 29, 2010
A division of Pittsburgh-based Kroff Inc. that recycles industrial byproducts has moved its headquarters to a processing and storage facility in Belcamp, the company said Monday. The division, Kroff Materials Reprocessing Inc., had been operating inside Severstal North America's steel plant in Sparrows Point, with Severstal as its landlord and primary client, said Jim Cipollone, general manager of Kroff Materials. The new facility, along the I-95 corridor in Belcamp, was chosen because of its proximity to customers in Maryland, Pennsylvania, Delaware, Virginia and Washington D.C., Cipollone said.
FEATURES
By Timothy B. Wheeler, The Baltimore Sun | September 21, 2010
The owners of the Sparrows Point shipyard have filed a federal lawsuit accusing the present and former owners of the old Bethlehem Steel mill on the Patapsco River peninsula of contaminating the dock and ship repair facility with cancer-causing benzene and other hazardous chemicals. SPS Limited Partnership and SPS 35, a limited liability corporation, are demanding cleanup and compensation for their own cleanup costs from Severstal North America, the 120-year-old steel mill's current owner, and from Arcelormittal USA, which owned the mill from 2005 until 2008.
BUSINESS
By Hanah Cho, The Baltimore Sun | September 14, 2010
The primary steel-making operations at Sparrows Point will remain idled for the rest of the year until market conditions improve, the Russian company that owns the Baltimore County mill announced Tuesday. The continued shutdown adds to renewed uncertainty for about 2,500 workers at the plant, which has seen periodic shutdowns and a succession of owners in recent years. Severstal North America, a subsidiary of one of the world's largest steelmakers, is reportedly looking to sell the Maryland mill and other financially strapped U.S. plants.