RG Steel Makes $10.5M In Asset Sale, Delays Mill Auction

Law360, Wilmington (August 2, 2012, 2:03 PM EDT) -- Bankrupt RG Steel LLC has secured buyers for a handful of minor assets worth a combined $10.5 million, according to court documents filed Wednesday, while an auction for the company’s marquee steel mills in Maryland and Ohio has been delayed until next week.

At an auction on Tuesday, certain equipment and intellectual property at the steelmaker’s Wheeling, W.Va., corrugating division went to rival Nucor Corp. for $7 million, and bidders Joseph N. Gompers and W. Quay Mull scooped up assets from a Martins Ferry, Ohio, steel...
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