Local news outlets reported Tuesday that a potential auction for two of RG Steel's three main assets has been delayed "for a week or so," according to United Steel Workers 1375 president Darryl Parker. The auction was anticipated to begin today. An auction for RG's Wheeling, West Virginia mill was expected to take place on Tuesday.
RG Steel was planning on finding a "stalking horse" bidder, or primary bidder that would set an estimated auction price, by today. RG Steel now has until next Monday to find a primary bidder-the auction is scheduled for August 7.
While no official notices have been issued, local news reports and SteelOrbis sources close to the situation confirmed the Brazilian steelmaker CSN, US producer Nucor and Optima Fund Management/Ukraine's Metinvest have all come out as potential bidders/owners of the facilities. Scrap company in the US have also been rumored as potential buyers of RG's Sparrows Point, Maryland assets.