Quingdao Iron&Steel intends to buy equipment of Geneva

Quingdao Iron&Steel intends to buy equipment of Geneva

According to reports from the industry, one of the Chinese steel producers, Quingdao Iron and Steel Group Co. is willing to buy production equipment of the bankrupt US mill located in the south of Salt Lake City, Geneva Steel. It is mentioned that in case a deal is made, which is subject to the US Bankruptcy Court's approval, it may be worth almost $35.3 million. However, according to a statement by a Geneva Steel official, it understood that they are reluctant to sell the production equipment as they believe that all production capacities are required in the country. Besides, they are much more inclined to sell the plant and see it active again. Furthermore, it is expressed that if a better offer is given they would immediately drop the sale and hold an auction for the plant. Geneva Steel gone under bankruptcy protection originally in January 2001, then in January 2002.