Local news agencies reported that steel distributor and processor Esmark completed the acquisition of bankrupt RG Steel's Yorkville, Ohio plant and a 50 percent stake in Ohio Coatings Company on Thursday for $6.3 million.
Additionally, Esmark founder, Chairman and CEO James Bouchard said the company plans to invest more than $15 million in order to restart the Yorkville plant in January and will also rename the mill Ohio Cold Rolling Company. Meanwhile, the Ohio Coatings Company will become a 50-50 joint venture between Korea's TCC Steel and Esmark.
Esmark and USW have already reached a new collective bargaining agreement at the Yorkville plant and the company anticipates recalling 160 union workers.