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Old Wheeling-Pitt Steel Plant Bought Again by Esmark

by wireworld on 10/14/2012 - 05:32 pm

Tags: Acquisitions, Press Releases

A company well known in the Ohio Valley has bought the former Wheeling-Pittsburgh steel plant in Yorkville, Ohio, out of bankruptcy and plans a restart in January.


 


 


The Pittsburgh Post-Gazette says Esmark completed the $6.3 million transaction this past week. It includes 50 percent interest in Ohio Coatings Co.  CEO James Bouchard says he'll hire 160 workers who will be covered by a four-year United Steelworkers contract.


 


 


The plant was owned by now-bankrupt RG Steel.  RG formed last year when Wheeling-Pitt's former operations were combined with Bethlehem Steel's former Sparrows Point mill in Baltimore, and the former WCI Steel plant in Warren, Ohio.


 


 


Esmark took control of Wheeling-Pitt assets after a 2006 proxy fight but sold them two years later to Russia's OAO Severstal.  Severstal then sold the mills to RG.


 


Graphic of Plant Courtesy of:  CoalCampusa.com 


Read more here: http://www.sacbee.com/2012/10/12/4906048/old-wheeling-pitt-plant-bought.html#storylink=cpy