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USW says several investors interested in RG Steel in Warren



Published: Thu, August 30, 2012 @ 10:32 a.m.

WARREN — More than 100 potential investors or entities have expressed interested in the idle RG Steel facilities, including the Warren plant, and continuing to make steel, according to the union that represents the workers.

The United Steel Workers union released a membership update that is being released to members. The update is the first public announcement from the union since the bankruptcy process began.

“The USW has cooperated with potential investors who expressed an interest in making steel and provided information to support their due-diligence and research,” according to the USW.

“Although we cannot speculate about the rationale of those parties for their decisions against purchasing our mills, there should be no doubt that if a buyer emerges with financing and a desire to make steel with our members at any of these facilities, the USW will step up to the plate and fight to make it happen,” according to the statement.

More than 1,200 people from the Warren plant have been out of work since June, after RG Steel declared bankruptcy at the end of May.

For the complete story, read Friday’s Vindicator and Vindy.com


Comments

1eatlocal(5 comments)posted 1 year, 11 months ago

If this was true, don't you think that there would have been more bidders when the assets were auctioned! I think this is the USW giving a line of B.S. to the members.

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2ytownsteelman(627 comments)posted 1 year, 10 months ago

Do you know what they call investors who save troubled manufacturing plants? Private Equity! Such as Bain Capital and Mitt Romney!

Suggest removal:


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