US steel producer Geneva sells steel plant
The bankrupt US mill located in the south of Salt Lake City, Geneva Steel company has closed its steel operations due to poor market conditions and appointed Casey Equipment to exclusively handle the liquidation of their surplus mill equipment. Having gone under the bankruptcy protection last year Geneva Steel announced its dropping of the business plan in November 2002 due to failure to secure the necessary loan. According to the declaration, investment worth $400 million was made on plant and equipment to modernise and renovate production facilities in the 90s. The plant put on sale includes three blast furnaces, an oxygen steel shop and a plate and strip mill.