On Friday, Sparrows Point, Maryland-based flat rolled steelmaker RG Steel won approval for a $50 million loan from Kevin Carey, a US bankruptcy judge in Wilmington, Delaware. RG Steel must meet certain aggressive milestones within the loan that are a part of its requirements--the loan stipulates a sale deadline of July 27. RG Steel will use the loan to keep its steel mills operating while searching for buyers.
As SteelOrbis previously reported, RG Steel announced Thursday that it is filing for bankruptcy protection, one week after an announcement that the company's three steel mills in Sparrows Point, Maryland, Warren, Ohio, and Wheeling, West Virginia would be idled.