RG Steel Folds Into Ch. 11 After 1 Year Of Operation

Law360, Wilmington (May 31, 2012, 5:31 PM EDT) -- RG Steel LLC, a Renco Group Inc. subsidiary created just over a year ago, and seven affiliates sought Chapter 11 protection in Delaware bankruptcy court Thursday, listing assets and liabilities in excess of $1 billion.

Formed in March 2011 by Renco's $1.2 billion purchase of three steelmaking facilities and other interests from Severstal US Holdings LLC, RG Steel ranked as the fourth-largest flat rolled steel producer in the U.S.

The Maryland-based steelmaker, which operates facilities in Sparrows Point, Md., Wheeling, W.Va., and Warren, Ohio., has been...
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