Severstal mill returns to Renco ownership

News

Severstal mill returns to Renco ownership

Youngstown Vindicator – United Steelworkers of America leaders and Mayor Michael O’Brien celebrated the news Wednesday that Warren’s Severstal steel mill has been sold back to The Renco Group of New York five years after Renco lost the mill in bankruptcy.

“Ira Rennert is a guy who knows the steel industry in and out, and we have faith in his ability to run this company,” Gary Steinbeck, a staff representative for the union, said of the owner of The Renco Group.

Renco has named the new subsidiary that will run the mill RG Steel, which will be based at Sparrows Point, Md. A Renco spokesperson said announcements will be forthcoming after the sale has closed in about a month regarding future investment and employment plans at the mill.

“It’s great news for our members and their families and the city of Warren,” Steinbeck said during a press conference at the Local 1375 union hall on North Park Avenue.

Read the whole article »